<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-2024-4992
Status: Under Review
Governing Jurisdiction: Colorado

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Hickman, Rios and Jones Holdings, and the Tenant, Carpenter, Townsend and Sherman. 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 2024-02-14.

The subject of this lease concerns the Partial unit 9 in Building 9 at the property located at 9569 William Viaduct
Danielfurt, AR 97009. This Office facility consists of approximately 3544 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-04-04, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $16,426.44. This figure is scheduled for an annual increase based on a 3.64% escalation rate. A security deposit of $16,426.44 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 180 days' prior notice. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Carpenter, Townsend and Sherman 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 Hickman, Rios and Jones Holdings. Late payments of rent will accrue interest at a rate of 14.5% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 60 days' notice and involves a penalty structured as 11 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-2024-4992",
  "parties": {
    "lessor_details": {
      "name": "Hickman, Rios and Jones Holdings",
      "entity_type": "LLC",
      "address": "56570 Mckinney Bypass\nAngelafurt, MA 14972"
    },
    "lessee_details": {
      "name": "Carpenter, Townsend and Sherman",
      "entity_type": "LLC",
      "address": "85373 Bennett Parkways Apt. 490\nLefort, OH 22256"
    }
  },
  "property_details": {
    "address": "9569 William Viaduct\nDanielfurt, AR 97009",
    "property_type": "Office",
    "lease_area_description": "Partial unit 9 in Building 9",
    "square_footage_sqft": 3544
  },
  "lease_terms": {
    "effective_date": "2024-02-14",
    "commencement_date": "2024-04-04",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 180
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 16426.44,
      "annual_escalation_rate_percent": 3.64,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (19.72%)",
        "estimated_monthly_amount_usd": 2463.97
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (25.0%)",
        "estimated_monthly_amount_usd": 1642.64
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 16426.44,
    "late_payment_interest_rate_percent": 14.5
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Colorado",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Hickman, Rios and Jones Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Hickman, Rios and Jones Holdings",
        "Powell PLC Mortgage Corp."
      ]
    }
  ]
}