Puerto Rico Surface Tenant's Consent and Subordination (to Storage Lease)
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FAQ
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.
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.
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.
The Assignment Clause In the event of a lease assignment, the original tenant relinquishes all the rights they held in the leasehold estate, transferring them to a new tenant. This means that they can no longer access the premises, and all stipulations of the original lease fall on the new party.
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.
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.
A lease agreement, often referred to as a rental agreement, is a legally binding contract that delineates the terms and conditions under which a property, be it residential or commercial, is rented out by the property owner, also known as the landlord or lessor, to a tenant, also known as the lessee.
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.
