Property Management
What is a 'triple net (NNN) lease' and how does it affect commercial tenant responsibilities in Illinois?
AA lease where the landlord pays all operating costs and the tenant pays a higher base rent
BA lease where the tenant pays base rent plus real estate taxes, insurance, and maintenance costs✓ Correct
CA lease requiring three months' security deposit
DA lease with three renewal options built in
Explanation
A triple net (NNN) lease requires the tenant to pay base rent plus the three 'nets': real estate taxes, building insurance, and maintenance/operating expenses. This shifts most property operating costs to the tenant. NNN leases are common in retail and commercial properties. Tenants must budget for these additional costs beyond the base rent.
Related Illinois Property Management Questions
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