Modified Gross Lease definition

Modified Gross Lease is defined in Section 2.02(c).
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Modified Gross Lease means a lease pursuant to which the Federal U.S. government or an agency or department thereof is the tenant pursuant to a standard form General Services Administration lease and where such tenant pays a specified base rent at the inception of the lease but in subsequent years pays the base rent plus a proportionate share of operating expenses over an agreed upon base expense stop representing a portion, but not all, of the operating costs and expenses in connection with the property.
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Examples of Modified Gross Lease in a sentence

  • Popular types of lease agreements used for restaurants/retail stores include: a Modified Gross Lease, Percentage Lease or a Net Lease (Double Net Lease or Triple Net Lease).

  • Popular types of lease agreements used for industrial properties include: a Gross Lease, a Modified Gross Lease or a Net Lease (Double Net Lease or Triple Net Lease).

  • The different types of net leases include: Triple Net Lease – the tenant pays a portion of the property taxes, property insurance, and CAM Double Net Lease – the tenant pays a portion of the property taxes and property insurance Single Net Lease – the tenant pays a portion of the property taxes Modified Gross Lease A modified gross lease (or modified net lease) is a hybrid of gross and net leases.

  • Modified Gross Lease – this type of agreement serves as a compromise between a gross lease and triple net lease.

  • Popular types of lease agreements used for office space include: a Gross Lease, a Modified Gross Lease or a Net Lease (Double Net Lease or Triple Net Lease).

  • In a Modified Gross Lease, the operating costs are both the landlord’s and tenant’s responsibilities, and these terms are negotiable and defined in the lease.

  • Furthermore, a Modified Gross Lease will most likely have an expense stop.

  • Modified Gross Lease A Modified Gross Lease is a lease structure where the tenant pays their base rent plus an additional portion of the operating costs.

  • A Modified Gross Lease is used when there is a common area shared between different businesses.

  • If this is a modified Gross Lease, select the check box labeled The Modified Gross Lease.