<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-2023-1311
Status: Under Review
Governing Jurisdiction: South Carolina

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Rodriguez-Harper LLC, and the Tenant, Blake, Jacobs and Stevens. 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 2023-11-20.

The subject of this lease concerns the Partial floor 11A in Building 10 at the property located at 49038 Stephanie Port Apt. 379
Wrightborough, WV 31496. This Industrial facility consists of approximately 31603 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-29, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $135,919.24. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $271,838.48 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 270 days' prior notice. During any such renewal, the rent will be adjusted according to Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Blake, Jacobs and Stevens 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 Rodriguez-Harper LLC. Note the existence of a Landlord Recapture Right clause, which can be triggered with 180 days' notice and involves a penalty structured as 10 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-2023-1311",
  "parties": {
    "lessor_details": {
      "name": "Rodriguez-Harper LLC",
      "entity_type": "Limited Partnership",
      "address": "9864 Lamb Port Suite 974\nSaratown, PR 39615"
    },
    "lessee_details": {
      "name": "Blake, Jacobs and Stevens",
      "entity_type": "S-Corp",
      "address": "48268 Lane Stream\nWest Gregoryfurt, AR 19300"
    }
  },
  "property_details": {
    "address": "49038 Stephanie Port Apt. 379\nWrightborough, WV 31496",
    "property_type": "Industrial",
    "lease_area_description": "Partial floor 11A in Building 10",
    "square_footage_sqft": 31603
  },
  "lease_terms": {
    "effective_date": "2023-11-20",
    "commencement_date": "2024-01-29",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 135919.24,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (9.02%)",
        "estimated_monthly_amount_usd": 20387.89
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (13.68%)",
        "estimated_monthly_amount_usd": 13591.92
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 271838.48
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "South Carolina",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Rodriguez-Harper LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Rodriguez-Harper LLC",
        "Jackson-Jackson Mortgage Corp."
      ]
    }
  ]
}