Triple Net Leases Of Uni-marts
For those more experienced in the NNN leasing area. Does anyone have any experience with Uni-mart leases. The leases I have glanced over say the Uni-mart is leased to an owner-operator. "The tenant under the lease agreement is Uni-Mart Corporate which has sublet the individual properties to the Owner Operator. In the event of a default on the part of the Owner Operator, Uni-Mart Corporate has responsibility for store operations. "
Does this mean if the owner-operator defaults that Uni-mart the corportation becomes ultimately responsible for operation and I would assume payment to the owner of the triple net lease.
Any suggestions or interpertations/experience in this area would be greatly appreciated.
Thanks,
Michael
Many Uni-Mart stores have subtenants operating the businesses. Uni-Mart corporate remains the guarantor no matter what happens. As the landlord you will always receive your rent from corporate Uni-Mart regardless of how the subtenant performs. Hope that clarifies.