A lease in which the landlord receives a stipulated rent, and payment of the property’s operating expenses is divided between the lessor and lessee via specified terms in the lease; also called “Modified Gross,” “Net-net” (Double Net), “Net-net-net” (Triple Net), etc., depending on the degree to which the tenant or landlord are responsible for operating costs.
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by bsmith@carofin.com | May 29, 2024