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Updated 6 months ago,
Triple Net Lease for an office
Tenants are responsible for property taxes, insurance on the building, and common area and maintenance costs under triple net lease. We are renting one of the units in a office building. One of the restroom water pipes broke over the weekend and flooded the whole office that would need a major renovation. The contractor estimate for the cost to repair the damage is approximately 93k. Which such a large expense, does the tenant still responsible for the repair as part of the maintenance cost under triple net lease or is this consider as catastrophe/crisis and it would fall under the landlord responsibility?