Triple Net (NNN) Lease Agreement Template

Triple Net (NNN) Lease Agreement Template

This Triple Net (NNN) Lease Agreement (“Lease”) is made as of [Date of Lease].

1. Parties and Premises

Landlord:
Full Legal Name: [Landlord Full Legal Name]
Business Name (if applicable): [Landlord Business Name]
Address: [Landlord Street Address, City, State/Province, ZIP/Postal Code, Country]
Phone: [Landlord Phone Number]
Email: [Landlord Email Address]

Tenant:
Full Legal Name: [Tenant Full Legal Name]
Business Name (if applicable): [Tenant Business Name]
Address: [Tenant Street Address, City, State/Province, ZIP/Postal Code, Country]
Phone: [Tenant Phone Number]
Email: [Tenant Email Address]

Premises:
Property Address: [Property Street Address, City, State/Province, ZIP/Postal Code, Country]
Unit/Suite/Description: [Suite or Space Description]
Approximate Rentable Area: [Approximate Square Footage or Area]

The Premises are part of the real property commonly known as [Building or Center Name] (the “Property”).

2. Term

Lease Commencement Date: [Commencement Date]
Rent Commencement Date (if different): [Rent Commencement Date or “Same as Lease Commencement Date”]
Lease Expiration Date: [Expiration Date]

The “Term” runs from the Lease Commencement Date through the Lease Expiration Date, unless earlier terminated or extended under this Lease.

3. Base Rent

Base Rent per [Month/Year]: [Base Rent Amount and Currency]
Payment Frequency: [Monthly / Other]

Tenant will pay Base Rent in advance, without deduction or setoff, on or before the [Day] day of each [Month/Payment Period] during the Term to the address or account designated by Landlord in writing.

If the Term begins or ends on a day other than the first or last day of a month, Base Rent for that partial month will be prorated on a daily basis.

4. Additional Rent – NNN Charges

This Lease is intended to be a “triple net” (NNN) lease. In addition to Base Rent, Tenant will pay the amounts described below as “Additional Rent.”

4.1 Operating Costs

“Operating Costs” may include, to the extent applicable to the Property:

• Real property taxes, assessments, and similar governmental charges.

• Property insurance premiums for building and common areas.

• Common area maintenance and operation (CAM), including cleaning, lighting, landscaping, snow removal, security, parking lot repair, and general common area repairs.

• Reasonable property management and administrative costs related to operating the Property.

• Other operating expenses reasonably incurred by Landlord in the operation and maintenance of the Property that are allocated to tenants.

4.2 Tenant’s Share

Tenant’s Share of Operating Costs (“Tenant’s Share”) is:

Tenant’s Share: [Percentage or Method of Calculation, e.g., “Tenant’s rentable area / total rentable area of the Property”].

4.3 Estimates and Reconciliation

Landlord may estimate Tenant’s Share of Operating Costs for each [Year/Lease Year] and bill Tenant in equal periodic installments together with Base Rent.

After the end of each [Calendar Year/Lease Year], Landlord will provide Tenant with a statement of actual Operating Costs and Tenant’s Share for that period. If Tenant has paid less than Tenant’s Share, Tenant will pay the difference within [Number] days after receiving the statement. If Tenant has paid more, Landlord will credit or refund the excess to Tenant, as specified here: [Credit/Refund Method].

5. Use of Premises

Permitted Use: [Describe Permitted Use, such as “general office use,” “retail store selling [Type of Goods],” or “warehouse/storage”].

Tenant will:

• Use the Premises only for the Permitted Use and related lawful activities.

• Comply with all applicable laws, regulations, and codes.

• Comply with any reasonable building rules and regulations provided or updated by Landlord.

• Avoid any nuisance, excessive noise, or hazardous activity that unreasonably affects other occupants or the Property.

6. Security Deposit

Security Deposit Amount: [Security Deposit Amount and Currency]

Tenant will pay the Security Deposit to Landlord on or before the Lease Commencement Date. Landlord may hold the Security Deposit as security for Tenant’s performance of its obligations under this Lease.

After the Term ends and Tenant has vacated the Premises and met its obligations, Landlord will return any remaining Security Deposit, less lawful deductions for unpaid sums or damages beyond reasonable wear and tear, within the time required by applicable law.

7. Utilities and Services

Tenant is responsible for all utilities and services serving the Premises, including (as applicable) electricity, gas, water, sewer, trash removal, telephone, internet, and other services used by Tenant.

If any utilities are not separately metered, Tenant will pay a fair share allocated by Landlord based on reasonable methods (such as floor area, usage estimates, or sub-meter readings). Details may be specified here: [Utility Allocation Details].

8. Maintenance and Repairs

8.1 Tenant Responsibilities

At Tenant’s expense, Tenant will:

• Maintain and repair the interior, non-structural portions of the Premises, including interior walls, doors, finishes, lighting, fixtures, and Tenant-installed equipment.

• Keep the Premises clean and orderly.

• Promptly repair any damage caused by Tenant, Tenant’s employees, customers, or contractors.

8.2 Landlord Responsibilities

Subject to reimbursement through Operating Costs where applicable, Landlord will:

• Maintain the structural components of the building, including the roof structure, exterior walls (excluding interior finishes), and foundation.

• Maintain common areas of the Property, including parking areas, driveways, sidewalks, landscaping, and building systems serving multiple tenants (such as shared HVAC, plumbing, and electrical systems).

9. Alterations and Improvements

Tenant will not make structural alterations to the Premises without Landlord’s prior written consent. Non-structural interior alterations and improvements may be made by Tenant with Landlord’s consent where required by this Lease and in compliance with applicable laws.

Unless otherwise agreed in writing:

• Tenant’s trade fixtures and removable equipment remain Tenant’s property and may be removed at the end of the Term, with Tenant repairing any damage caused by removal.

• Built-in improvements and fixtures that cannot be reasonably removed without damage generally remain with the Premises at the end of the Term.

10. Insurance and Indemnity

10.1 Tenant Insurance

Tenant will maintain, at Tenant’s expense, during the Term:

• Commercial general liability insurance for bodily injury and property damage occurring in or about the Premises, with limits not less than [Liability Limit] per occurrence and [Aggregate Limit] aggregate, or other limits reasonably required by Landlord.

• Property insurance for Tenant’s personal property, inventory, equipment, and trade fixtures.

Tenant will provide certificates of insurance and name Landlord (and, if requested, Landlord’s mortgagee) as an additional insured on Tenant’s liability policy.

10.2 Landlord Insurance

Landlord will maintain property insurance for the building and common areas in types and amounts selected by Landlord, and may include the cost of such insurance in Operating Costs.

10.3 Indemnity

To the extent allowed by applicable law, Tenant will indemnify and hold harmless Landlord from claims and losses arising out of Tenant’s use or occupancy of the Premises or Tenant’s activities on the Property, except to the extent caused by Landlord’s negligence or willful misconduct.

11. Taxes and Assessments

Tenant will pay Tenant’s Share of real property taxes and assessments relating to the Property as part of Operating Costs.

Any taxes or assessments separately imposed on Tenant’s personal property, signs, or specific improvements will be paid directly by Tenant or reimbursed to Landlord if Landlord pays them.

12. Assignment and Subletting

Tenant may not assign this Lease, sublet all or part of the Premises, or otherwise transfer its interest in this Lease without Landlord’s prior written consent, except as expressly allowed here: [Any Permitted Transfers].

Any approved assignment or sublease will not release Tenant from Tenant’s obligations under this Lease unless Landlord agrees in writing.

13. Default and Remedies

13.1 Tenant Default

Tenant will be in default if:

• Tenant fails to pay Base Rent, Additional Rent, or any other amount due within [Number] days after written notice of non-payment from Landlord; or

• Tenant materially breaches any other term of this Lease and does not cure the breach within [Number] days after written notice (or, if the breach reasonably needs more time to cure, Tenant does not begin and diligently continue cure within that period).

13.2 Landlord’s Remedies

Subject to applicable law and any required notice and cure periods, if Tenant is in default, Landlord may:

• Terminate this Lease and regain possession of the Premises;

• Re-enter and relet the Premises on terms Landlord reasonably determines, crediting net rents received against amounts owed by Tenant;

• Seek damages and other relief allowed by law and this Lease.

14. Casualty and Condemnation

14.1 Casualty

If the Premises are damaged by fire or other casualty:

• Landlord will determine within a reasonable time whether repairs can be completed within [Number] days.

• If repair is feasible within that time, Landlord may repair the damage, and Base Rent may be fairly reduced if Tenant cannot reasonably use all or part of the Premises.

• If the Premises are substantially damaged and cannot be repaired within a reasonable period, Landlord or Tenant may have the right to terminate this Lease by written notice, effective as stated in that notice.

14.2 Condemnation

If all or a substantial part of the Premises is taken by eminent domain or similar public authority, this Lease may terminate as of the date of taking or as otherwise stated here: [Condemnation Terms].

Any award for the taking will generally belong to Landlord, except for amounts specifically awarded to Tenant for Tenant’s personal property, trade fixtures, or relocation expenses.

15. Estoppel Certificates

Upon Landlord’s written request, Tenant will sign and deliver an estoppel certificate within [Number] days confirming key facts about this Lease (such as Term dates, rent amounts, and whether Landlord is in default to Tenant’s knowledge), in a form reasonably required by Landlord or its lender.

16. Notices

All notices under this Lease must be in writing and delivered to the addresses or email addresses for Landlord and Tenant listed in Section 1, unless a party provides updated contact details in writing.

Permitted methods include:

• Personal delivery

• Mail or reputable courier

• Email, if the recipient regularly uses email and agrees to receive notices electronically

17. Governing Law

This Lease is governed by the laws of [State/Province, Country], without regard to conflict-of-law rules, unless the parties specify a different governing law here: [Alternative Governing Law, if any].

18. Entire Agreement and Amendments

This Lease contains the entire agreement between Landlord and Tenant regarding the Premises and supersedes all prior oral or written agreements concerning the same subject.

Any amendment or modification must be in writing and signed by both Landlord and Tenant.

If any provision of this Lease is held invalid or unenforceable, the remaining provisions will continue in effect to the extent permitted by law.

Signatures

By signing below, Landlord and Tenant agree to be bound by the terms of this Triple Net (NNN) Lease Agreement.

Landlord:
Signature: _______________________________
Printed Name: [Landlord Full Legal Name or Authorized Signer]
Title (if business): [Title]
Date: [Date]

Tenant:
Signature: _______________________________
Printed Name: [Tenant Full Legal Name or Authorized Signer]
Title (if business): [Title]
Date: [Date]

Witnesses (If Used)

Witness 1:
Signature: _______________________________
Printed Name: [Witness 1 Full Name]
Address: [Witness 1 Address]
Date: [Date]

Witness 2 (if required):
Signature: _______________________________
Printed Name: [Witness 2 Full Name]
Address: [Witness 2 Address]
Date: [Date]

Notary Acknowledgment (If Required)

State/Province of [State/Province]
County of [County]

On [Notarization Date], before me, [Notary Full Name], a Notary Public, personally appeared [Landlord Full Legal Name or Authorized Signer] and [Tenant Full Legal Name or Authorized Signer], who proved their identities on the basis of satisfactory evidence and acknowledged that they executed this Triple Net (NNN) Lease Agreement for the purposes stated in it.

Notary Public Signature: _______________________________
Notary Public Printed Name: [Notary Full Name]
My Commission Expires: [Commission Expiration Date]
Notary Seal: ☐