Triple Net Lease
Lease Agreement made on the (date), between (Name of Lessor), a corporation
organized and existing under the laws of the state of (name of state), with its principal
office located at (street address, city, state, zip code), referred to herein as Lessor, and
(Name of Lessee), a corporation organized and existing under the laws of the state of
(name of state), with its principal office located at (street address, city, state, zip code),
referred to herein as Lessee.
For and in consideration of the mutual covenants contained in this Lease Agreement,
hereinafter sometimes referred to as the Lease, and other good and valuable
consideration, the parties agree as follows:
1. Demise of Premises. Lessor hereby demises and lets to Lessee and Lessee
hereby demises and lets from Lessor, for the respective terms hereinafter described
and upon the terms and conditions hereinafter specified, the premises consisting of (i)
the parcel or parcels of land described in Schedule A hereto, (ii) all improvements
constructed and to be constructed on such parcels, and (iii) all easements, rights, and
appurtenances relating to such parcels (collectively, hereinafter called the Leased
Premises or the Premises).
2. Term. The term of the Lease shall be (number) years, commencing on (date),
and terminating on (date), unless sooner terminated under the provisions of this Lease
Agreement. This term shall be automatically extended from year to year unless notice to
vacate is given by Lessor to Lessee within (number) days from the end of each one
year term or unless notice is given by Lessee to Lessor within (number) days from the
end of each one year term.
3. Rent. During the term of this Lease, Lessee shall pay to Lessor rental of
$_____________ per month, payable in advance due on the _____day of each month,
except that the first installment of $________________, will be due and payable on the
execution of this Lease Agreement. Rent checks shall be made payable Lessor and
mailed to (street address, city, county, state, zip code), or to such other address as
Lessor shall notify Lessee of in writing.
4. Title and Condition. The Leased Premises are demised and let subject to:
A. The rights of any parties in possession thereof and the existing state of the
title thereof as of the commencement of the term of this Lease;
B. Any state of facts which an accurate survey or physical inspection thereof
C. All zoning regulations, restrictions, rules, and ordinances, building
restrictions and other laws and regulations now in effect or hereafter adopted by
any governmental authority having jurisdiction.
D. With respect to buildings, structures, and other improvements located on
the Leased Premises, their condition as of the commencement of the term of this
Lease, without representation or warranty by Lessor. Lessee represents that it
has examined the title to the Leased Premises prior to the execution and delivery
of this Lease and has found the same to be satisfactory for all purposes hereof.
5. Permitted Uses:
A. The Premises during the continuance of this Lease Agreement shall be
used and occupied for any and all lawful purposes and for no other purpose or
purposes. Lessee shall not use the Premises for any purpose in violation of any
federal, state, or municipal statute or ordinance, or any regulation, order, or
directive of a governmental agency, as such statutes, ordinances, regulations,
orders, or directives now exist or may hereafter provide, concerning the use and
safety of the Premises.
B. If and so long as Lessee shall observe and perform all covenants,
agreements, and obligations required by it to be observed and performed
hereunder, Lessor warrants peaceful and quiet occupation and enjoyment of the
Leased Premises by Lessee; provided that Lessor and its agents may enter upon
and examine the Leased Premises at reasonable times.
C. Lessee shall keep and maintain the Leased Premises in compliance with,
and shall not cause or permit the Leased Premises to be in violation of, any
federal, state, or local laws, ordinances or regulations relating to industrial
hygiene or to the environmental conditions (Hazardous Materials Laws) on,
under, about, or affecting the Leased Premises. The Lessee shall not use,
generate, manufacture, store, or dispose of on, under or about the Leased
Premises or transport to or from the Leased Premises any flammable explosives,
radioactive materials, hazardous wastes, toxic substances, or related materials,
including without limitation any substances defined as or included in the definition
of hazardous substances, hazardous wastes, hazardous materials, or toxic
substances under any applicable federal or state laws or regulations (collectively
referred to hereinafter as Hazardous Materials).
D. Lessee shall be solely responsible for, and shall indemnify and hold
harmless the Lessor, its directors, officers, employees, agents, successors, and
assigns from and against, any loss, damage, cost, expense, or liability directly or
indirectly arising out of or attributable to the use, generation, storage, release,
threatened release, discharge, disposal, or presence of Hazardous Materials on,
under or about the Leased Premises, including without limitation:
1. All foreseeable consequential damages;
2. The costs of any required or necessary repair, cleanup, or
detoxification of the Leased Premises, and the preparation and
implementation of any closure, remedial, or other required plans; and
3. All reasonable costs and expenses incurred by the Lender in
connection with clauses (i) and (ii), including, but not limited to,
reasonable attorney's fees. The Lessee shall, upon the request of the
Lessor, provide the Lessor with a bond or letter of credit, in form and
substance satisfactory to the Lessor, in an amount sufficient to cover the
costs of any required cleanup.
H. Lessee shall, at its expense, take all necessary remedial action(s) in
response to the presence of any Hazardous Materials on, under, or about the
6. Taxes. Lessee shall pay all real estate taxes and assessments on the Leased
Premises during the full term of this Lease. Lessor agrees to cooperate with Lessee in
seeking a reduction from the taxing authorities in any real estate tax increase during the
lease term and any renewals thereof. Furthermore, Lessee shall pay all special or local
assessments that may be levied against the demised premises by reason of
improvements made thereon by Lessee.
7. Destruction of Premises. If the Premises, or any part thereof, are damaged or
destroyed by fire or other casualty, the Lessee shall, except as otherwise provided
herein, repair and rebuild the Premises with reasonable diligence, and if there is
interference with the operation of the Lessee's business in said Premises, the rental
shall be equitably apportioned according to the time during which, and the extent to
which, the Premises may have been untenantable.
8. Condemnation. In the event the Premises hereby leased, or any part thereof are
taken in condemnation proceedings, Lessee may cancel this Lease and all
condemnation moneys shall belong to the Lessor, according to its respective interest.
9. Subletting or Assignment.
A. Lessee shall not assign this Lease Agreement or any interest in this Lease
Agreement, or sublet the Premises or any part of thereof or any right or privilege
appurtenant to the Premises, or allow any person other than Lessee and
Lessee's agents and employees to occupy or use the Premises or any part
thereof, without first obtaining Lessor's written consent.
B. Lessor's consent to one assignment, sublease, or occupancy or use shall
not be deemed to be a consent to any subsequent assignment or sublease, or to
any occupancy or use by any other