<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-2024-3717
Status: Draft
Governing Jurisdiction: Georgia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Nelson, Craig and Trevino Inc., and the Tenant, Mcfarland 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 2024-04-15.

The subject of this lease concerns the Entire suite 7 in Building 6 at the property located at 806 Tucker Prairie
New Lucas, NC 51603. This Warehouse facility consists of the specified area and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-04-30, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $52,885.04. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $105,770.08 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 Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Mcfarland and Sons 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 Nelson, Craig and Trevino Inc.. Late payments of rent will accrue interest at a rate of 8.9% 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 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-2024-3717",
  "parties": {
    "lessor_details": {
      "name": "Nelson, Craig and Trevino Inc.",
      "entity_type": "Limited Partnership",
      "address": "04888 Teresa Way Apt. 457\nRicetown, MT 92681"
    },
    "lessee_details": {
      "name": "Mcfarland and Sons",
      "entity_type": "S-Corp",
      "address": "408 Howard Loaf\nNorth Paul, GA 79039"
    }
  },
  "property_details": {
    "address": "806 Tucker Prairie\nNew Lucas, NC 51603",
    "property_type": "Warehouse",
    "lease_area_description": "Entire suite 7 in Building 6"
  },
  "lease_terms": {
    "effective_date": "2024-04-15",
    "commencement_date": "2024-04-30",
    "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": 180
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "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": 52885.04,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (8.79%)",
        "estimated_monthly_amount_usd": 7932.76
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (15.29%)",
        "estimated_monthly_amount_usd": 5288.5
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 105770.08,
    "late_payment_interest_rate_percent": 8.9
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Georgia",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Nelson, Craig and Trevino Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Nelson, Craig and Trevino Inc.",
        "Sanders, Fisher and Lee Mortgage Corp."
      ]
    }
  ]
}