net-net-net lease
triple net lease, Also known as net-net-net lease or NNN lease.
A net lease where the tenant typically pays:
• Base rent.
• Real property taxes.
• Building insurance.
• Maintenance costs.
The tenant is also typically responsible for all costs associated with the repair and maintenance of any common areas.
The allocation of costs between the landlord and tenant may vary depending on the negotiated agreement. Under a triple net lease the tenant has few legal defenses which may relieve it of its lease obligations.
A triple net lease is most commonly used when a tenant leases an entire freestanding commercial building.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

Look at other dictionaries:

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  • net lease — noun Etymology: net (III) : a lease requiring the lessee to assume all operating expenses (as maintenance, insurance, taxes) in addition to the payment of rent …   Useful english dictionary

  • net lease — Fin a lease that requires the lessee to pay for things that the owner usually pays for. See also gross lease …   The ultimate business dictionary

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  • net lease — noun An agreement that requires the tenant to pay, in addition to the fixed rent, all of the property expenses which normally would be paid by the owner. For US real property these include real estate taxes, insurance, maintenance, repairs and… …   Wiktionary

  • absolute triple net lease — USA absolute triple net lease. Also known as a bondable lease. An extreme variation of a net lease , where the tenant is typically responsible for all, or most, of the risks related to the real property. A tenant is usually responsible for all of …   Law dictionary

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