Net Leases definition
Examples of Net Leases in a sentence
Subject to Section 9.4 hereof, the occurrence of a material default by Borrowers under any of the Operators’ Agreements or the occurrence of a default by Borrowers under any of the Triple Net Leases, which remains uncured beyond any applicable grace or cure periods.
The properties of the Borrower and its Subsidiaries are insured, or tenants under Commercial Net Leases in place at such properties are obligated to insure such properties, with financially sound and reputable insurance companies not Affiliates of the Parent, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the Borrower or the applicable Subsidiary operates.
Landlord and Tenant are currently parties to Restaurant Absolutely Net Leases for Wendy’s restaurants located at (i) 3▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇; (ii) 1▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇; (iii) 1▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇; (iv) 1▇▇▇ ▇▇▇▇▇▇ ▇▇▇, Augusta, Georgia; and (v) 3▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ (collectively, with the Original Lease and this Lease, the “Wendy’s Leases”).
On the Final Closing and Settlement Date the parties will settle any difference between the preliminary purchase price amount to be deposited in the Purchase Price Escrow Account on the Closing Date and the final purchase price amount determined as of the Closing Date, when the final figures to determine the Final Net Leases Amount are available.
Landlord’s Signature: Date: Print Name: ▇▇▇▇▇▇’s Signature: Date: Print Name: There are four types of Net Leases: Single Net Lease.
Borrowers covenant and agree that with respect to all Operating Tenants that are subject to Triple Net Leases, Borrowers shall: (i) cause all such Operating Tenants to make all repairs and maintenance with respect to such Project as may be required under the terms of the Operating Lease; and (ii) make all such repairs and maintenance in the event that the Operating Tenant fails to do so.
Upon Closing, subject to Seller's and Target's undertakings in this Agreement, Seller's Closing Documents and the Net Leases, Buyer shall assume the risk that adverse matters, including, but not limited to, adverse physical or construction defects or adverse environmental, health or safety conditions, may not have been revealed by Buyer's inspections and investigations.
Net Leases: Tenants who sign these leases pay property taxes, subordinate this Lease to the lien of any present or future institutional mortgage upon the Leased Premises irrespective of the time of execution or the time of recording of any such mortgage.
Triple Net Leases (NNN) o A Triple-Net Lease is one in which the tenant pays all operating expenses of the property and the landlord receives a net rent.
No prorations shall be required to be made in connection with the Closing since Seller, or Target, as the case may be, as owner, shall be responsible for all costs incurred in connection with the Property up to the Closing Date and Target, as tenant under the Net Leases, shall be responsible for all costs incurred in connection with the Property from and after the Closing Date.