<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-2023-5553
Status: Under Review
Governing Jurisdiction: Maryland

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Carroll, Kelly and Aguilar Properties, and the Tenant, Gill and Sons. 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 2023-12-02.

The subject of this lease concerns the Partial suite 21B in Building 1 at the property located at 6931 Paul Mountains Suite 727
West James, MI 62702. This Mixed-Use facility consists of approximately 2454 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-31, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $5,957.08. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $11,914.16 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 90 days' prior notice. During any such renewal, the rent will be adjusted according to CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Gill and Sons is required to maintain, at minimum, a Commercial General Liability policy of $2,000,000. The certificate of insurance must name all parties as stipulated, including Carroll, Kelly and Aguilar Properties. Note the existence of a Landlord Recapture Right clause, which can be triggered with 60 days' notice and involves a penalty structured as 8 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-2023-5553",
  "parties": {
    "lessor_details": {
      "name": "Carroll, Kelly and Aguilar Properties",
      "entity_type": "LLC",
      "address": "7946 Christine Dale Suite 095\nMillsberg, ME 59348"
    },
    "lessee_details": {
      "name": "Gill and Sons",
      "entity_type": "Corporation",
      "address": "073 Campbell Road\nDavisview, OR 18368"
    }
  },
  "property_details": {
    "address": "6931 Paul Mountains Suite 727\nWest James, MI 62702",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial suite 21B in Building 1",
    "square_footage_sqft": 2454
  },
  "lease_terms": {
    "effective_date": "2023-12-02",
    "commencement_date": "2023-12-31",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "8 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 5957.08,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (16.00%)",
        "estimated_monthly_amount_usd": 893.56
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (16.83%)",
        "estimated_monthly_amount_usd": 595.71
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 11914.16
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Maryland",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Carroll, Kelly and Aguilar Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Carroll, Kelly and Aguilar Properties",
        "Schultz Ltd Mortgage Corp."
      ]
    }
  ]
}