Common use of Modified Payments Clause in Contracts

Modified Payments. Use the first area available for the “Modified Gross” lease definition to list every expense the Lessee must pay for in addition to the defined rent amount (i.e. waste disposal) and the second area in this item to list every monthly expense the Lessor must maintain for the duration of this lease (i.e. water). (29) Triple Net (NNN). If the Lessee will be expected to take on certain responsibilities in addition to the rent amount such as the expenses needed to operate a Business on the leased premises the taxes owed for the property making up the leased premises, and insurance, then select the “Triple Net (NNN)” option. This selection must be acknowledged by both the Lessee’s initials (“Tenant”) and Lessor’s initials (“Landlord”). (30)

Modified Payments. Use the first area available for the “Modified Gross” lease definition to list every expense the Lessee must pay for in addition to the defined rent amount (i.e. waste disposal) and the second area in this item to list every monthly expense the Lessor must maintain for the duration of this lease (i.e. water). (29) Triple Net (NNN). If the Lessee will be expected to take on certain responsibilities in addition to the rent amount such as the expenses needed to operate a Business on the leased premises the taxes owed for the property making up the leased premises, and insurance, then select the “Triple Net (NNN)” option. This selection must be acknowledged by both the Lessee’s initials (“Tenant”) and LessorXxxxxx’s initials (“Landlord”). (30)