District of Columbia Precision Drafting Provision Dealing with Definitions Dating the Lease and Defining Terms

State:
Multi-State
Control #:
US-OL1053
Format:
Word; 
PDF
Instant download

Description

This office lease form states and lists the terms for the Demised Premises. It describes the number of lease years plus any partial lease year as well as the commencement of the lease term.

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FAQ

Gross Lease Gross leases are most common for commercial properties such as offices and retail space. The tenant pays a single, flat amount that includes rent, taxes, utilities, and insurance.

Triple net leases are commonly used for multi-tenant industrial and retail properties where operating expenses can be very high. Commercial property landlords prefer triple net leases because they pass on the risk of unexpected costs to tenants.

A percentage lease is a type of commercial lease commonly used in retail spaces. In this type of lease, the tenant pays a base rent in addition to a percentage of their gross business sales.

A Triple Net Lease (NNN Lease) is the most common type of lease in commercial buildings. In a NNN lease, the rent does not include operating expenses. Operating expenses include utilities, maintenance, property taxes, insurance and property management.

Commercial leases are typically three to five years. That guarantees enough rental income for the landlords to recoup their investment. Leases are often negotiable, but for a commercial lease, landlords frequently allow customization of the space for the sake of the renting business.

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District of Columbia Precision Drafting Provision Dealing with Definitions Dating the Lease and Defining Terms