A lease agreement in
which the tenant pays a specified monthly
rent plus all operating costs, including TMI
(Taxes, Maintenance and Insurance), also
known as Net/Net/Net Lease. The
lessee
has to pay the net amount of three types of
costs, which how this term got its name.
Because the tenant is covering these
costs (which would otherwise be the
responsibility of the property owner), the
rent charged in the triple net lease is
generally lower than the rent charged in a
standard lease agreement.
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