A triple net lease is a type of commercial lease agreement where the tenant is responsible for paying not only the base rent but also all additional expenses associated with the property, including property taxes, insurance, and maintenance costs. This arrangement shifts most of the financial responsibility from the landlord to the tenant, making it an attractive option for landlords seeking a more passive investment model.
FIRST AMENDMENT TO SINGLE-TENANT TRIPLE NET LEASE This FIRST AMENDMENT TO SINGLE-TENANT TRIPLE NET LEASE (the “First Amendment”) is made as of _11/15/2021_, by and between CRISP PARTNERS LLC, a Delaware limited liability company (“Landlord”) and PRELUDE THERAPEUTICS INCORPORATED, a Delaware corporation (“Tenant”). WHEREAS, Landlord and Tenant entered into that certain Single-Tenant Triple Net Lease dated September 13, 2021 (the “Lease”), pursuant to which Tenant is currently in possession of certain premises known as Building 709, consisting of approximately 80,874 rentable square feet of space being further described or depicted in the Lease (the “Premises”), located at Chestnut Run Plaza, 984 Centre Road, Wilmington, Delaware (the “Building”);
On November 4, 2020, the Company and HP 2000DI, LLC, a Georgia limited liability company (the “Landlord”), entered into a Termination of Triple Net Lease and Mutual Release Agreement (the “Termination Agreement”) to terminate that certain Triple Net Lease Agreement, by and between the Company and the Landlord, dated October 1, 2008, as as amended by that certain Lease Amendment and Remediation Agreement dated March 20, 2013, as further amended by that certain Second Amendment to Triple Net Lease Agreement dated June 27, 2013, and as assigned to the Landlord by Duck Pond Creek – SPE, LLC, predecessor in interest to the Landlord (as so amended and assigned, the “Lease”) for the property located at 2000 Daniel Island Drive, Charleston, South Carolina, 29492.
Triple Net Lease Properties – We own one Continuing Care Retirement Community (“CCRC”) in the United States and lease this property to a healthcare operating company under a triple net lease agreement. In a triple net lease arrangement, the lessee agrees to operate and maintain the property at its own expense, including maintenance, utilities, taxes, insurance, repairs, capital improvements and the payroll expense of property-level employees. Our triple net lease agreement has an initial term of 15 years and includes a renewal option and annual rent increases ranging from 2.75% to 3.25%.
Simultaneous with the consummation of the 300 Park Sale and Leaseback Transaction, the Company will enter into a commercial single-tenant triple net lease (the “300 Park Lease Agreement”) with 300 Park Buyer, or its affiliate pursuant to which KBS Builders, Inc., a wholly-owned subsidiary of the Company, will lease back from 300 Park Buyer the Maine Premises for a term commencing upon the execution of the 300 Park Lease Agreement and ending on the 20th anniversary thereof, unless earlier terminated or extended for an additional 10 years in accordance with the terms of the 300 Park Lease Agreement. Pursuant to the 300 Park Lease Agreement, the Company will also be responsible for all monthly expenses related to the leased facilities, including insurance premiums, taxes and other expenses, such as utilities.
In connection with the sale of the Real Property, EMCORE Chicago entered into a Single-Tenant Triple Net Lease (the “Lease Agreement”) with Buyer pursuant to which EMCORE Chicago leased back the Real Property for a twelve (12) year term commencing on December 13, 2022, unless earlier terminated or extended in accordance with the terms of the Lease Agreement.
A. Landlord and Tenant are parties to that certain Triple Net Lease Agreement originally between Duck Pond Creek-SPE, LLC and Tenant dated as of October 1, 2008, as amended by that certain Lease Amendment and Remediation Agreement dated March 20, 2013, as further amended by that certain Second Amendment to Triple Net Lease Agreement dated June 27, 2013, and as assigned to Landlord by Duck Pond Creek – SPE, LLC, predecessor in interest to Landlord (as so amended and assigned, the “Lease”) for the Property located at 2000 Daniel Island Drive, Charleston, South Carolina, 29492 as more particularly described in the Lease (the “Leased Premises”).
A Triple Net Lease (NNN) is a type of commercial real estate lease agreement where the tenant is responsible for paying not only the rent but also three key expenses associated with the property: property taxes, property insurance, and maintenance costs. This lease structure effectively passes on the operating risk to the tenant, making it a popular choice for landlords and property investors who wish to have a steady income stream without the burden of property management responsibilities.
In a triple net lease, the tenant assumes a significant amount of the financial responsibilities tied to real estate ownership. This type of lease is typically associated with commercial properties such as retail spaces, office buildings, and industrial properties.
Using a Triple Net Lease is advisable under several circumstances:
For Landlords:
For Tenants:
Property Characteristics:
Drafting a Triple Net Lease involves several essential elements to ensure clarity and legal soundness. Here are key steps and components to include:
Introduction:
Rent Payment Structure:
Expense Obligations:
Maintenance and Repairs:
Term and Renewal Options:
Legal Provisions:
Triple Net Leases are commonly found in contracts related to certain types of commercial properties. Here are some typical examples:
Retail Properties: Shopping centers, malls, and standalone retail stores often use NNN leases due to the nature of single occupancy and long-term tenancy arrangements.
Office Buildings: Office spaces, particularly those leased by large companies or corporate tenants, frequently incorporate triple net structures for cost distribution.
Industrial Properties: Warehousing, manufacturing sites, and large distribution centers often utilize NNN leases, benefiting both the landlord and tenant through reduced variable costs and improved property management efficiency.
Specialty Properties: These include properties like auto dealerships, restaurants, or banks, where tenants prefer to have extensive control over their operating environment and costs.
Try our AI contract analysis and extract important clauses and information from existing contracts.
< <
Dive deeper into the world of clauses and learn more about these other clauses that are used in real contracts.
The tuition reimbursement clause mandates that an employer will cover the costs of an employee’s educational courses, subject to specific conditions such as the employee earning a passing grade or the course being relevant to their job role. This clause aims to encourage professional development while also enhancing the employee's skills and contributions to the organization.
A turnkey project clause refers to an agreement in which a contractor is responsible for completing a project and delivering it to the client in a ready-to-use condition. This type of arrangement places the onus on the contractor to manage all aspects of the project, from design and procurement to construction and final handover, making it a comprehensive solution for the client.
An "uncured default" clause typically outlines the consequences when a party fails to rectify a breach of contract within a specified period after receiving notice of the default. This clause ensures that the non-breaching party has the legal right to pursue remedies or terminate the contract if the default is not remedied in a timely manner.
Fill out the form and we will get in touch with you to give you a personal, customized demo of fynk.
Greetings!
I'm Markus, co-founder of fynk. After you've submitted the form, I'll swiftly get in touch with you.
Also, right after you submit your details, you can pick a time that works best for you for our meeting.
