Download NNN - Triple Net Lease Agreement for Free | Page 2

NNN - Triple Net Lease Agreement is is a lease agreement that designates the tenant as being entirely responsible for all of the costs relating to the asset being leased in the lease. The tenant has to pay the net amount of three types of costs which how this term got its name. The three types include the net real estate taxes on the leased asset, the net building insurance, and the net common area maintenance.

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Premises within ten (10) calendar days after such lien is filed. The failure of Tenant to do so shall be a

material default hereunder. If Tenant fails to keep this covenant, in addition to any other remedies

available to Landlord under this Lease, Tenant agrees to pay Landlord, as Additional Rent, the sum

equal to the amount of the lien thus discharged by Landlord, plus all costs and expenses, including

without limitation attorney"s and paralegal"s fees and court costs, incurred by Landlord in discharging

such lien.

(e) Work by Landlord. Tenant hereby acknowledges and agrees that Landlord shall have the right to

renovate the Building and/or expand same and/or alter the Outside Areas during the Lease Term. In the

event Landlord elects to renovate and/or expand the Building and/or alter the Outside Areas, Landlord

shall have the right to relocate Tenant to reasonably comparable space at the Premises or within a

reasonable distance from the Premises (i.e., in another building owned by Landlord, in alternate space

rented by Landlord for Tenant, etc.). In such an event, this Lease shall remain in full force and effect,

and Tenant shall continue to make its payments due hereunder, but the term "Premises" shall be

deemed to mean the new space provided by Landlord until the work is completed. Landlord shall

reimburse Tenant for its reasonable costs of relocation. In the event Landlord expands the Building,

Tenant shall only be responsible for its proportionate share (based on square footage) of costs and

expenses associated with operation and maintenance of the Building and the Outside Areas following

completion of such expansion.

SECTION 5: CONDITION UPON TERMINATION. Upon the expiration or termination of the Lease

Term, Tenant will surrender the Premises to Landlord broom clean and in the condition which Tenant is

required to maintain the Premises under this Lease. Tenant will not be obligated to repair any damage

which Landlord is required to repair hereunder. Landlord may require Tenant, at its expense, to remove

any alterations, additions or improvements prior to the expiration of the Lease and to restore the

Premises to their prior condition. With respect to any alterations, additions or improvements which

require Landlord's approval, Landlord will specify if Tenant will be required to remove the same at the

time of such approval. Any work which Tenant is not required to remove will, at Landlord's option,

become Landlord's property and will be surrendered to Landlord upon the expiration or earlier

termination of the Lease, except that Tenant may remove any of Tenant's machinery or equipment which

can be removed without damage to the Premises so long as Tenant repairs any damage caused by such

removal.

SECTION 6: EXEMPTION OF LANDLORD FROM LIABILITY. Landlord will not be liable for any

damage or injury to the person, business (or any loss of income therefrom), goods, wares, merchandise

or other property of Tenant, Tenant's employees, invitees, customers or any other person or about the

Premises, whether such damage or injury is caused by or results from: (a) fire, steam, electricity, water,

gas or rain; (b) the breakage, leakage, obstruction or other defects of pipes, sprinklers, wires, appliances,

plumbing, air conditioning or lighting fixtures or any other cause; (c) conditions arising in or about the

Premises, or from other sources or places; or (d) any curtailment or interruption in utility services. Tenant

will give Landlord prompt notice upon the occurrence of any accident or casualty at the Premises. The

provisions of this Section will not exempt Landlord from liability for its gross negligence or willful

misconduct; provided, however, Landlord will not be liable for any consequential damages.

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