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Mississippi Commercial Triple Net Lease Sample

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Mississippi Commercial Triple Net Lease Sample
Mississippi Commercial Triple Net Lease Sample
This is a legally binding contract. If not understood, seek competent legal advice. 2
STATE OF Mississippi Hinds County 3
This lease made this _ _ day of _, 2009 by and between (First Boise Investments, LLC A Mississippi Limited Liability Company) hereinafter called 4
“Lessor” or “Landlord”, or it’s agent for the Lessor and by ___ as the lessee herein after called “Lessee” or “Tenant”. 5
WITNESSETH: That the Lessor does hereby demise and let unto the Lessee the following described premises at ________________ _____ 6
Jackson Mississippi 39204 with an approximate square feet of _________ (tenant to verify prior to signing) and to-wit: 7
Use / Term / Rent 8
Subject to Mississippi laws and ordinances of Hinds County in which the property is situated, for use and occupation by the Lessee for the business 9
of: _______ licensed by City of Jackson, Hinds County, Mississippi and for no other or different use or purpose, for and during the term of __3__ 10
Years__ beginning on the __day of ____, 2010__ and ending on ____. An additional period of ____ years_ is given to Lessee as an option to extend 11
the lease and the amount of rent to be negotiated on the date of exercising such option by Lessor (First Boise Investments, LLC) and Lessee. 12
If any rent installment is not received by Lessor from Lessee by the fifth day of the month for which such installment is due, Lessee shall immediately 13
pay to Lessor a late charge equal to ten percent (10%) of such installment. Lessor and Lessee agree that this late charge represents a reasonable 14
estimate of such costs and expenses and is fair compensation to Lessor for its loss suffered by such nonpayment by Lessee. Acceptance of this late 15
charge shall not constitute a waiver of Lessee's default with: respect to such nonpayment by Lessee nor prevent Lessor from exercising all other rights 16
and remedies available under this Lease. The burden of proof with respect to all payments of rental or other sums shall be upon Lessee. 17
In consideration whereof, the Lessee agrees to make payment to Lessor (First Boise Investments, LLC A Mississippi Limited Liability Company) on 21
the first day of each month, in advance, as rent for said premises: 22
Monthly rent: $_______Annual rent: $ _________. Such rent must be prorated in such a way that it will be due the first of each and every month. 23
Free rent period: 24
Monthly TICAM (prorated pass through taxes, insurance and Common area maintenance): $________. 25
Combined monthly rent and TICAM: $_______/ month OR $______ / year. 26
Security Deposit: $______ as security deposit, without interest. It is agreed that in the event of Lessee’s defaults in respect of any of the terms, 27
provisions, and conditions of this lease, Lessor may use, or retain the whole or any part of the security deposit to the extend required for the payment 28
of any rents and other payments to which Lessee is in default. 29
With the signing of this lease lessee issues a cashier’s check for an amount of $________ 30
All rental charges including future rents, TICAM and security deposits must be paid to “First Boise Investments, LLC A Mississippi Limited Liability 31
Company”. Lessor has the option to increase the rent up to five percent on the anniversary of each year through the end of the lease. Exercising the 32
option period must be approved by the lessor and must be sent to lessor in writing at least three months prior and the rent must be at the current market 33
rent on the date of exercising the option. In the event Lessee remains in possession of the Premises after the expiration of the term and without the 34
execution of a new lease, Lessee, at the option of Lessor, shall be deemed to be occupying the Premises as a tenant from month to month at a monthly 35
renal for each month of such holdover period equal to one- twelfth (1/12) of the Minimum Annual rental for the preceding Lease Year. 36
Quiet Enjoyment 37
This lease is made upon the following terms, conditions, and covenants; The Lessor (First Boise Investments, LLC A Mississippi Limited Liability 38
Company) covenants to keep the Lessee in possession of said premises during said term, but shall not be liable for the loss of use by eminent domain 39
nor the failure or inability of the Lessee to obtain possession thereof provided the Lesssor (First Boise Investments, LLC A Mississippi Limited 40
Liability Company) shall exercise due diligence and effort to place the Lessee in possession. Nothing herein contained shall be constructed as a 41
warranty that said premises are in good condition or are fit or suitable for the use or purpose of which they are let. 42
Condition of Premises (AS IS) 43
The Lessor (First Boise Investments, LLC A Mississippi Limited Liability Company) or Lessor’s agent has made no representations or promises with 44
respect to said building or Space or the demised premises except as herein expressly set forth. The Lessee has examined the leased premises and 45
accepts the same in the physical condition in which the same now exists (except as otherwise expressly provided herein) and accepts to take 46
possession AS IS and WHERE IS. 47
Common Areas 48
Lessee, its customers, employees, and invitees, shall have the right to use and enjoy, in common with Lessor and other tenants, and with their 49
customers, employees, and invitees, the parking areas, entrances, exits, walkways and roadways (hereinafter collectively called the Common Areas) 50
which Lessor (First Boise Investments, LLC A Mississippi Limited Liability Company) provides for the reasonable operation of the Shopping Center. 51
It is expressly understood that the Common Areas are intended primarily for the use by customers of the stores in the Shopping Center; and Lessee 52
accordingly agrees that neither it, nor it’s agents, servants, employees, or invitees will use the Common Areas for the parking or storage of any 53
automobile, truck, or any other vehicle or property owned or used by it or by any of its employees or agents, nor park vehicles so as to interfere with 54
the use of any driveways, walks, roadways, parking areas, except as may be approved in writing by Lessor (First Boise Investments, LLC ). 55
Mississippi Commercial Triple Net Lease Sample