Mississippi Surface Tenant's Consent and Subordination (to Storage Lease)
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FAQ
A triple net lease (NNN) assigns sole responsibility to the tenant for all costs relating to the asset being leased, in addition to rent. A double net lease makes the tenant responsible for both property taxes and insurance premiums due.
Triple Net Lease/?NNN? Lease A triple net lease is essentially the opposite of a gross lease. The tenant (you) agrees to pay for not only the fees for rent and utilities but also all of the commercial property's operating expenses, such as maintenance fees, building insurance, and property taxes.
With the sublease clause, the tenant transfers property rights to a subtenant while maintaining liability over the property. This means that if the subtenant doesn't pay their rent, you may be the one responsible for those payments, or you'll be found in default.
Net Lease Structures: Triple Net (?NNN?) Lease: In a Triple Net lease, the tenant is responsible for their proportionate share of property taxes, property insurance, common operating expenses and common area utilities.
In commercial real estate, a net lease is a lease in which the tenant is required to pay a portion, or all, of the taxes, fees, and maintenance costs for a property.
Subordination of lease refers to the tenant's consent to subordinate his or her rights over a property to the rights of the bank holding the mortgage on the property. A subordination of lease agreement is created for this purpose.
Most negotiated leases will instead contain a provision requiring that landlord's consent to an assignment is required, but such consent will not be unreasonably withheld. The tenant will likely also try to include landlord's obligation to not unreasonably delay or condition its consent.
A gross lease is a type of commercial real estate lease agreement where the landlord is responsible for paying all operating expenses, and the tenant pays a fixed rent.
