<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-2023-7541
Status: Under Review
Governing Jurisdiction: Kentucky

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Harmon-Sanders Properties, and the Tenant, Williams, Anderson and Jenkins. 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 2023-09-21.

The subject of this lease concerns the Entire floor 36A in Building 4 at the property located at 74527 Estrada Turnpike
Samuelshire, SC 08873. This Industrial facility consists of approximately 26515 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-11-15, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $48,898.08. This figure is scheduled for an annual increase based on a 3.69% escalation rate. A security deposit of $48,898.08 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 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, Williams, Anderson and Jenkins 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 Harmon-Sanders Properties. Late payments of rent will accrue interest at a rate of 11.5% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 90 days' notice and involves a penalty structured as 7 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-2023-7541",
  "parties": {
    "lessor_details": {
      "name": "Harmon-Sanders Properties",
      "entity_type": "LLC",
      "address": "218 Hickman Freeway\nLangstad, AS 41330"
    },
    "lessee_details": {
      "name": "Williams, Anderson and Jenkins",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "74527 Estrada Turnpike\nSamuelshire, SC 08873",
    "property_type": "Industrial",
    "lease_area_description": "Entire floor 36A in Building 4",
    "square_footage_sqft": 26515
  },
  "lease_terms": {
    "effective_date": "2023-09-21",
    "commencement_date": "2023-11-15",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "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": 90,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 48898.08,
      "annual_escalation_rate_percent": 3.69,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (16.16%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (24.87%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 48898.08,
    "late_payment_interest_rate_percent": 11.5
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Kentucky",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Harmon-Sanders Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Harmon-Sanders Properties",
        "Potter, Scott and Johnson Mortgage Corp."
      ]
    }
  ]
}