Triple Net Lease means a Lease under which a single tenant leases all or substantially all of the rentable area of a Property where the tenant is responsible for payment of real estate taxes and assessments, repairs and maintenance, insurance, capital expenditures and other expenses relating to the operation of such Property customary for such Leases.
Triple Net Lease means that certain Triple Net Lease dated as of March 3, 2005 (as amended by that certain Amendment #1 to Triple Net Lease dated as of March 3, 2005) by and between PCHI, as lessor, and IHHI, as lessee, pursuant to which PCHI leased the Western Medical Center - Anaheim, the Western Medical Center - Santa Xxx, and the Coastal Community Hospital, to IHHI.
Triple Net Lease means a Lease representing all or substantially all of the rentable area of a Property where the tenant is responsible for real estate taxes and assessments, repairs and maintenance, insurance and other expenses relating to such Property, provided, that adequate insurance is maintained for such Property either by the tenant, the Company, a Subsidiary or a Joint Venture. Notwithstanding the foregoing, a Triple Net Lease may be subject to the landlord's express contractual obligations with respect to the payment of taxes, assessments, ground rents, utility charges, exterior maintenance and maintenance of all non-interior areas and any capital expenditures related thereto (such as roof, structure and parking) (the "CONTRACTUAL OBLIGATIONS") so long as the capital expenditures have been adequately accounted for in accordance with GAAP; provided, that the projected average annual Contractual Obligations shall not exceed 10% of the projected average gross annual rent under such Lease. For purposes of this definition, (a) the obligation of a landlord to make capital improvements or repairs as a condition to a tenant's occupancy (e.g., build to suit transactions) shall not be deemed to be an undertaking by such landlord of any tenant maintenance or repair obligations and (b) the improvements to be constructed by such landlord described in the immediately preceding clause (a) shall not be included as a capital expenditure.
Examples of Triple Net Lease in a sentence
Popular types of lease agreements used for restaurants/retail stores include: a Modified Gross Lease, Percentage Lease or a Net Lease (Double Net Lease or Triple Net Lease).
The different types of net leases include: Triple Net Lease – the tenant pays a portion of the property taxes, property insurance, and CAM Double Net Lease – the tenant pays a portion of the property taxes and property insurance Single Net Lease – the tenant pays a portion of the property taxes Modified Gross Lease A modified gross lease (or modified net lease) is a hybrid of gross and net leases.
Popular types of lease agreements used for industrial properties include: a Gross Lease, a Modified Gross Lease or a Net Lease (Double Net Lease or Triple Net Lease).
Popular types of lease agreements used for office space include: a Gross Lease, a Modified Gross Lease or a Net Lease (Double Net Lease or Triple Net Lease).
LEASE RATE Annual Triple Net Lease Rate is as follows: First Year Rate: $6.00/square foot/year.
More Definitions of Triple Net Lease
Triple Net Lease means a lease agreement under which the tenant or lessee is responsible for the real estate taxes, building insurance, and maintenance on the property in addition to rent and utilities.
Triple Net Lease. This Lease is and shall be deemed and construed to be a "pure net" or "triple net" Lease and the fixed rent and supplemental payments, including payments for all third-party xxxxxxxx, shall be net to the Landlord in each month during the term of this Lease. COVENANTS OF TENANT: Tenant does hereby covenant and agree with Landlord as follows:
Triple Net Lease. A lease in which the lessee assumes responsibility for, and bears the cost of, insurance, taxes, maintenance, repair and operation of the leased asset and where the non-cancellable rental payments under the lease are absolutely net to the lessor. In certain cases the lessee might not be required to pay excess hull insurance or certain of the costs of complying with airworthiness directives issued by the Aircraft manufacturer, the FAA or any other government agency having jurisdiction and with other regulatory requirements.
Triple Net Lease means a lease agreement under which the lessee is responsible for the real estate taxes, building insurance, and maintenance of the property separate from and in addition to the rental price.
Triple Net Lease. This is a "TRIPLE NET LEASE" in which the LESSEE pays for: (1) all utility costs within Lessee’s lease space, and (2) the prorated cost of all the Operating Expenses for the Building including: property taxes, insurance, common area utilities and services, trash disposal, grounds-keeping, property management; and the operation, repair, maintenance and replacement of all common area facilities.
Triple Net Lease has the meaning set forth in Section 5.9(b). "Unknown Environmental Losses" has the meaning set forth in Section 8.2(a)(vi). "WARN Act" means the Worker Adjustment and Retraining Notification Act, as codified at 29 U.S.C. 2101 - 2109, as amended.