NNN Lease. In addition to the Base Rent, Tenant shall be responsible to pay Tenant’s Share of Direct Expenses in accordance with the terms of Article 4 of the Lease.
NNN Lease. In addition to the Base Rent, Tenant shall be responsible to pay Tenant’s Share of Direct Expenses in accordance with the terms of Article 4 of the Lease. Landlord estimates that the Tenant’s Share of Direct Expenses will be $0.74 per rentable square foot.
NNN Lease. This Lease is intended as a triple net lease, subject to the limitations set out herein. The Base Rent, Additional Rent, and all other sums payable hereunder to or on behalf of Landlord and, subject to any applicable notice, cure or grace periods specified in Section 4.0, shall be paid by Tenant without notice or demand, and without set-off, abatement, suspension, deduction, or defense, except as expressly set out herein. Under no circumstances or conditions whether now existing or hereinafter arising, or whether within or beyond the present contemplation of the parties, shall Landlord or Landlord’s successors or assigns or Tenant or Tenant’s successors or assigns be expected or required to make any payment of any kind whatsoever, or be under any other obligation or liability hereunder, except as specifically and expressly provided in this Lease.
NNN Lease. Tenant shall pay the taxes and insurance on the building, each month, directly to the Landlord. The monthly payment for taxes and insurance shall be $139.65. Tenant shall include this amount in with the base rent every month.
NNN Lease. This Lease is intended to be a “triple net” lease, and, except as specifically provided herein, all costs of ownership, operation, maintenance of the Premises, including without limitation all Operating Costs, Insurance Costs and Taxes, are intended to be borne by Tenant. It is the further express intent of Landlord and Tenant that the obligations of Landlord and Tenant shall be separate and independent covenants and agreements and that the Minimum Monthly Rent and additional Rent, and all other charges and sums payable by Tenant hereunder, shall commence at the times provided herein and shall continue to be payable in all events unless the obligations to pay the same shall be terminated or abated pursuant to an express provision of this Lease.
NNN Lease. (a) The calculation of Additional Rent includes payment for the following services, amenities and components:
(i) Ad valorem real estate taxes;
(ii) Insurance required to be carried by Landlord with respect to the Building;
(iii) Normal and customary maintenance and incidental repairs to the Premises, except for those elements or components of the Tenant Improvements as to which Landlord did not assume or accept repair or maintenance responsibility, which elements and components shall be repaired at maintained by Tenant at its sole expense.
(b) Additional Rent shall not include the following:
(i) Leasing commissions, advertising expenses, promotional expenses, attorneys’ fees, disbursements, and other costs and expenses incurred in procuring prospective tenants, negotiating and executing leases, and constructing improvements required to prepare for a new tenant’s occupancy;
(ii) Finance and debt service fees; principal and/or interest on debt or amortization payments on any mortgages executed by Landlord covering Landlord’s property, any other indebtedness of Landlord; and rental under any ground lease or lease for the Property;
(iii) Any depreciation allowance or expense, amortization and other non-cash items;
(iv) Compensation paid to any employee of Landlord above the grade of Property Manager/Building Superintendent including officers and executives of Landlord;
(v) Any tax payable by Landlord other ad valorem real property taxes and assessments which accrue against the Property during the Term;
(vi) Costs and expenses relating to the investigation, removal, remediation, monitoring or encapsulation of asbestos or other hazardous or toxic substances;
(vii) Costs and expenses attributable to correcting defects in the construction of the Property;
(viii) Costs of repairs or maintenance which are covered by warranties and service contracts, to the extent such maintenance and repairs are made at no cost to Landlord;
(ix) Any capital costs other than those that are intended to reduce Additional Rent, which shall be amortized over their useful life at a commercially reasonable rate;
(x) Administrative fees calculated on property or asset management fees.
(c) Landlord shall keep, at its principal office, records relating to the Additional Rent set forth in Section 5(a). Tenant shall have the right to audit said records for the sole purpose of ascertaining the correctness of such Additional Rent. Such audit shall be made within six (6) months subsequent to Tena...
NNN Lease. In the event Tenant subsequently leases the entire Building under this Lease, Tenant, at its election, may convert this Lease to a NNN basis (i.e., to the extent practicable, Tenant may elect to provide and pay directly for all of the services and utilities otherwise required to be provided by Landlord under this Lease, and separately meter the entire Building for all such utilities). In such event, (i) the Management Fee Percentage to be used for purposes of calculating the management fees which may be included in Operating Expenses following such conversion with respect to the management services provided to the Building, only, shall be reduced to one percent (1%) to reflect the reduced management services to be provided by Landlord for the Building, (ii) in determining the cost of all utilities and services payable directly by Tenant, Landlord shall no longer be entitled to receive any administrative fee in connection therewith, and (iii) Tenant and Landlord shall use good faith efforts to determine and agree upon: (A) the direct costs of providing all such NNN services and utilities no longer required to be provided by Landlord and which were otherwise included in Operating Expenses or Utilities Costs, and such amounts shall be deducted from the Base Rent next payable by Tenant under this Lease after such conversion (which Base Rent amount is currently determined on a modified full service gross basis to exclude the costs of electricity provided to the Premises, and will be further modified pursuant to Section 6.5 above to exclude the costs of janitorial services provided to the Premises) to determine the NNN Base Rent to be paid by Tenant under this Lease following such conversion (which new Base Rent amount shall be subject to annual three percent (3%) cumulative and compounded increases during each year of the Lease Term following such conversion); and (B) the appropriate revisions that shall be made to this Lease (in the form of an amendment to be executed by the parties prior to such conversion) to reflect that Tenant, rather than Landlord, will be responsible for providing such services and utilities (including, without limitation, revising the definition of Operating Expenses and Utilities Costs to exclude the costs of such utilities and services to be provided by Tenant). In the event this Lease is so converted to a NNN basis, (1) the base year concept for determining Operating Expenses, Tax Expenses and Utilities Costs increases shall be elimi...
NNN Lease. It is intended that this Lease be a true "triple net lease." In addition to the Rents, Tenant shall be responsible for any and all costs and expenses relating to possession, operation or use of the Premises, including but not limited to the following:
NNN Lease. This lease shall be a "NNN Lease" and Tenant recognizes and acknowledges, notwithstanding terms or provisions to the contrary provided for herein and without limiting the generality of the other terms or provisions of this lease, that it is the intent of the parties hereto that any and all rentals in this lease provided to be paid by Tenant to Landlord, shall be net to Landlord, and except as otherwise set forth in this Lease, and expenses incurred in connection with the demised premises, or in connection with the operations thereon, excluding structural repair expenses, and including but not limited to any administrative expenses, management services, outside professional services, all taxes, assessments, general or special license fees, insurance premiums, public utility bills and costs of non-structural repair, maintenance and operation of the demised premises, together with the appurtenances thereto, shall be paid by Tenant, in addition to the rentals provided for herein. For avoidance of doubt, Xxxxxxxx is solely responsible for payment of costs relating to structural repairs to the roof, foundation, floor slabs, permanent exterior walls, and support columns of the demised premises and Retail Office Center due to normal wear and tear.
NNN Lease. Lessee hereby expressly acknowledges and agrees that it is the intention of the parties to this Lease that this Lease be construed and enforced as a NNN Lease with Lessee paying all of the customary expenses and other sums attributable to a NNN Lease in accordance with the provisions of this Lease.
