<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-2024-7367
Status: Draft
Governing Jurisdiction: Montana

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Hahn, Hughes and Jones LLC, and the Tenant, Bailey, Miller and Arnold. 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 2024-05-29.

The subject of this lease concerns the Partial floor 39B in Building 9 at the property located at 9069 Walters Tunnel
West Saraburgh, MD 73886. This Mixed-Use facility consists of approximately 30604 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-08-14, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $63,401.29. This figure is scheduled for an annual increase based on a 2.49% escalation rate. A security deposit of $126,802.58 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 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, Bailey, Miller and Arnold is required to maintain, at minimum, a Commercial General Liability policy of $1,000,000. The certificate of insurance must name all parties as stipulated, including Hahn, Hughes and Jones LLC. 

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-2024-7367",
  "parties": {
    "lessor_details": {
      "name": "Hahn, Hughes and Jones LLC",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Bailey, Miller and Arnold",
      "entity_type": "S-Corp",
      "address": "97770 Nancy Radial Suite 172\nSouth Cameronmouth, NE 08613"
    }
  },
  "property_details": {
    "address": "9069 Walters Tunnel\nWest Saraburgh, MD 73886",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial floor 39B in Building 9",
    "square_footage_sqft": 30604
  },
  "lease_terms": {
    "effective_date": "2024-05-29",
    "commencement_date": "2024-08-14",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 63401.29,
      "annual_escalation_rate_percent": 2.49,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (24.32%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (23.08%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 126802.58
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Montana",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Hahn, Hughes and Jones LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Hahn, Hughes and Jones LLC",
        "Lynch, Hicks and Russell Mortgage Corp."
      ]
    }
  ]
}