<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-2023-7892
Status: Under Review
Governing Jurisdiction: Florida

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Higgins LLC LLC, and the Tenant, Nguyen PLC. 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 2023-09-04.

The subject of this lease concerns the Partial suite 26 in Building 2 at the property located at 205 King Forest
Lake Jonathan, AS 33032. This Mixed-Use facility consists of approximately 37299 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2023-10-11, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $118,610.82. This figure is scheduled for an annual increase based on a 2.55% escalation rate. A security deposit of $118,610.82 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 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 requires Landlord's explicit consent.

Per section 10.1, Nguyen PLC 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 Higgins LLC LLC. Late payments of rent will accrue interest at a rate of 6.3% 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 12 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-2023-7892",
  "parties": {
    "lessor_details": {
      "name": "Higgins LLC LLC",
      "entity_type": "Limited Partnership",
      "address": "122 Theresa Flats Apt. 371\nPort Lawrencemouth, RI 41547"
    },
    "lessee_details": {
      "name": "Nguyen PLC",
      "entity_type": "S-Corp",
      "address": "6621 Cox Hills\nSouth Michaelburgh, PA 93131"
    }
  },
  "property_details": {
    "address": "205 King Forest\nLake Jonathan, AS 33032",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial suite 26 in Building 2",
    "square_footage_sqft": 37299
  },
  "lease_terms": {
    "effective_date": "2023-09-04",
    "commencement_date": "2023-10-11",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 118610.82,
      "annual_escalation_rate_percent": 2.55,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.75%)",
        "estimated_monthly_amount_usd": 17791.62
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (18.30%)",
        "estimated_monthly_amount_usd": 11861.08
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 118610.82,
    "late_payment_interest_rate_percent": 6.3
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Florida",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Higgins LLC LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Higgins LLC LLC",
        "Pugh, Smith and Davis Mortgage Corp."
      ]
    }
  ]
}