taxes, building insurance, and maintenance (the three "nets") on the property in addition to any normal fees that are expected under the agreement (rent, utilities, etc.). In such a lease, the tenant or lessee is responsible for all costs associated with the repair and maintenance of any common area (also known as CAM - Common Area Maintenance). CAM fees typically are negotiated up front as a set dollar figure per square foot. This form of lease is most frequently used for commercial freestanding buildings. However, it has also been used in single-family residential rental real estate properties. Bondable lease A bondable lease (also called an "absolute triple net lease", "true triple net lease", "hell-or-high-water lease", or "absolute net lease") is the most extreme variation of a triple net lease, where the tenant carries every imaginable real estate risk related to the property. Notably, these additional risks include the obligations to rebuild after a casualty, regardless of the adequacy of insurance proceeds, and to pay rent after partial or full condemnation. These leases are not terminable by the tenant, nor are rent abatements permissible. The concept is to make the rent absolutely net under all circumstances, equivalent to the obligations of a bond: hence the "hell-or-high water" moniker. An example of this type of lease would be a leaseback arrangement in which a retailer leases back the building it formerly owned and continues to run the store. Bondable leases are typically used in so-called credit tenant lease deals, where the main driver of value is not so much the real estate, but the uninterrupted cash flow from the usually investment-grade rated "credit" tenant. Because bondable lease investments offer such low risk, higher investment rates can indicate a recovery in not only the bond market, but also in the overall real estate market. Ground lease A "ground lease" is another variation of a net lease. Under a ground lease, the landowner leases the land to the lessee which gives the lessee the opportunity to construct a building. The lessee will then have a leasehold interest in the property. Under a ground lease the tenant will typically pay for the same items they pay for under a Triple Net Lease or Bondable Lease. Generally, ownership of the building will revert to the landowner at conclusion of the lease. Economics Typically, the buildings in which landlords use triple net leases (NNN) are "equity investments",