<format type="json">{lease_id: string, parties: {lessor_details: {name: string, entity_type: string, address: string optional}, lessee_details: {name: string, entity_type: string, address: string optional}}, property_details: {address: string, property_type: string, square_footage_sqft: number optional, lease_area_description: string}, lease_terms: {effective_date: date, commencement_date: date, initial_term_months: number, option_to_renew: list[{option_number: number, duration_months: number, notice_period_days: number optional, renewal_rate_adjustment: string}], termination_clauses: list[{clause_type: string, notice_period_days: number, penalty_details: string}] optional, requires_landlord_consent_for_sublease: boolean}, financial_terms: {base_rent_details: {initial_monthly_rent_usd: number, annual_escalation_rate_percent: number, escalation_frequency: string}, additional_rent_components: list[{component_name: string, basis: string, estimated_monthly_amount_usd: number optional}], security_deposit_usd: number, late_payment_interest_rate_percent: number optional}, insurance_requirements: list[{coverage_type: string, minimum_coverage_amount_usd: number, named_insureds_required: list[string]}] optional, permitted_use: string, governing_law_state: string, document_status: string}</format> <data>INTERNAL MEMORANDUM - LEASE ABSTRACT

Reference ID: LSE-COM-2024-7897
Status: Executed
Governing Jurisdiction: Idaho

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Liu LLC LLC, and the Tenant, Harris, Brown and Mcmillan. The team is preparing for the quarterly portfolio review next month, so please ensure all financial models are updated with this data. The lease agreement was made effective as of 2024-03-16.

The subject of this lease concerns the Entire suite 8B in Building 9 at the property located at 095 Jennifer Mountain
North Pamelabury, PW 09943. This Retail facility consists of the specified area and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-23, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $36,097.61. This figure is scheduled for an annual increase based on a 3.07% escalation rate. A security deposit of $72,195.22 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Harris, Brown and Mcmillan is required to maintain, at minimum, a Commercial General Liability policy of $5,000,000. The certificate of insurance must name all parties as stipulated, including Liu LLC LLC. Late payments of rent will accrue interest at a rate of 11.0% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 180 days' notice and involves a penalty structured as 3 months' rent plus unamortized transaction costs.

Additional rent provisions for pass-throughs like Operating Expenses and Property Taxes are based on the tenant's pro rata share. Further details can be found in the full agreement document stored in the central repository. Please complete your review by end of week.</data>
{
  "lease_id": "LSE-COM-2024-7897",
  "parties": {
    "lessor_details": {
      "name": "Liu LLC LLC",
      "entity_type": "Corporation",
      "address": "750 Johnson Canyon\nLeland, WY 13866"
    },
    "lessee_details": {
      "name": "Harris, Brown and Mcmillan",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "095 Jennifer Mountain\nNorth Pamelabury, PW 09943",
    "property_type": "Retail",
    "lease_area_description": "Entire suite 8B in Building 9"
  },
  "lease_terms": {
    "effective_date": "2024-03-16",
    "commencement_date": "2024-05-23",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 36097.61,
      "annual_escalation_rate_percent": 3.07,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (7.60%)",
        "estimated_monthly_amount_usd": 5414.64
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (15.80%)",
        "estimated_monthly_amount_usd": 3609.76
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 72195.22,
    "late_payment_interest_rate_percent": 11.0
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Idaho",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Liu LLC LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Liu LLC LLC",
        "Sanchez and Sons Mortgage Corp."
      ]
    }
  ]
}