Utilize this Triple-Net (NNN) Lease Agreement Template in commercial real estate transactions when transferring operating expenses, including property taxes, insurance, and maintenance costs, to the tenant. Opt for this arrangement to ensure a predictable income stream while assigning various property-related responsibilities directly to the tenant.
This Triple-Net (NNN) Lease Agreement is entered into on this [Document.CreatedDate] between [Landlord.LastName] , [Landlord.FirstName] (hereafter “Landlord”), and [Tenant.LastName] , [Tenant.FirstName] (hereafter “Tenant”) under the following terms:
The Landlord shall convey to the Tenant the use of the premises at:
[Tenant.StreetAddress] , [Tenant.City] , [Tenant.State] , [Tenant.PostalCode] with a mailing address of [Tenant.StreetAddress] , [Tenant.City] , [Tenant.State] , [Tenant.PostalCode] .
The Landlord has completed this arrangement while at the following address(s):
[Landlord.StreetAddress] , [Landlord.City] , [Landlord.State] , [Landlord.PostalCode] with a mailing address of [Landlord.StreetAddress] , [Landlord.City] , [Landlord.State] , [Landlord.PostalCode] .
The Tenant shall be allowed to use the premises for the following reasons: List.Reasons (Only declare the main purpose. For example, if the Tenant is running an automotive repair shop, state that the Tenant will be conducting repairs on automobiles and providing services related to that industry).
The Term of this lease shall begin on the date of (MM/DD/YYYY) and end on the effective date of (MM/DD/YYYY) at midnight, or 12 am or 00:00 (timezone) on each date.
The Tenant will have access to a renewal option until (Number.Of.Days) days before the termination date. The Tenant (May.Or.May.Not) discuss different terms with the Landlord at this time, but (May.Or.May.Not) discuss the terms in this agreement mid-contract.
The total rentable space of the premises consists of (Square.Footage) square feet (SF).
In this Triple Net Lease template, you must define the rent payment terms clearly to avoid any misunderstandings. State the total amount of rent to be paid by the tenant, the frequency of payments (daily, monthly, or yearly), and any late fees that may apply.
The Tenant is obligated to pay the Landlord a total of (Rent.Total) for the rights conveyed under this Triple-Net Lease Agreement. The amount will be paid in (Daily or Monthly or Yearly) installments in the amount of (Rent.Total) per (Daily/Monthly/Yearly). If the amount is not paid in (Number.Of.Days) days, a late fee of (Late.Fee.Total) will occur and will continue to occur until the debt is paid or the Tenant is evicted.
Price per Square Foot x Total Square Footage = Annual Rent ($/yr).
Price per Square Foot x Total Square Footage = the Annual Rent and ÷ by 12 = Monthly Rent ($/mo).
Monthly Rent x by 12 = the Annual Rent and ÷ by the Total Square Footage = Price per Square Foot ($/SF).
For every example, you still need square footage. Annual rent is the easiest to calculate.