Definition: A lease that generally assigns the tenant responsibility for property taxes, insurance, and maintenance or operating expenses in addition to base rent, as defined by the agreement.
Example
A commercial tenant pays base rent and its contractual share of taxes, insurance, and maintenance.
Keep the distinction clear
The NNN label does not resolve every expense. Structural repairs, capital replacements, exclusions, and administrative charges depend on the actual lease.
Related terms
Net Lease · Gross Lease · Lease
Keep studying
References: FREC Course II syllabus, Session 15
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