Common use of MODIFIED GROSS Clause in Contracts

MODIFIED GROSS. It is the intention of the Parties that this Agreement shall be considered a “Modified Gross Lease”. In addition to the Rental Payment, Lessee shall be obligated to pay the following monthly expenses: Lessor shall pay the following monthly expenses: ○ Triple Net (NNN). It is the intention of the Parties that this Agreement shall be considered a “Triple Net Lease”. Lessor shall have no obligation to provide any services, perform any acts, or pay expenses, charges, obligations or costs of any kind whatsoever with respect to the Leased premises. Lessee hereby agrees to pay one-hundred percent (100%) of any and all expenses including, without limitation, real estate and personal property taxes and assessments, management fee(s), heating, air conditioning, HVAC, electricity, water, waste disposal, sewage, operating materials and supplies, service agreements and charges, lawn care, snow removal, restriping, repairs, repaving, cleaning and custodial, security, insurance, the cost of contesting the validity or applicability of any governmental acts which may affect those expenses, and all other costs of operating and maintaining the Leased Premises and related parking areas, unless expressly excluded from those expenses (hereinafter referred to as the “Operating Expenses”).