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Lease Definitions & Terms

N

Net lease

Lease under which the tenant pays the agreed-upon rent plus utilities and taxes.


Net-net-net lease

Lease under which the tenant pays the agreed-upon rent plus utilities, taxes, insurance and maintenance.


Net operating income (NOI)

The effective gross income from a property minus operating expenses.


Non-Disturbance Agreement

The tenant signs this to prevent himself from being evicted if the property owner does not pay its mortgage to the bank.


Notary public

An officer appointed by the governor with authority to take the acknowledgment of persons executing documents and to sign the certificate and affix a seal.