<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-2023-6925
Status: Under Review
Governing Jurisdiction: New Mexico

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Marquez, Ware and Harris Inc., and the Tenant, Blair-Simmons. 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 2023-09-02.

The subject of this lease concerns the Entire floor 5B in Building 3 at the property located at 848 Tanya Extension
Collinsfurt, CT 21241. This Industrial facility consists of approximately 8586 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2023-09-27, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $32,326.29. This figure is scheduled for an annual increase based on a 1.62% escalation rate. A security deposit of $64,652.58 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 Fixed 3% annual increase. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Blair-Simmons 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 Marquez, Ware and Harris Inc.. Late payments of rent will accrue interest at a rate of 16.9% 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 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-2023-6925",
  "parties": {
    "lessor_details": {
      "name": "Marquez, Ware and Harris Inc.",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Blair-Simmons",
      "entity_type": "LLC",
      "address": "39162 Jimmy Avenue\nBondbury, GU 42392"
    }
  },
  "property_details": {
    "address": "848 Tanya Extension\nCollinsfurt, CT 21241",
    "property_type": "Industrial",
    "lease_area_description": "Entire floor 5B in Building 3",
    "square_footage_sqft": 8586
  },
  "lease_terms": {
    "effective_date": "2023-09-02",
    "commencement_date": "2023-09-27",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "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": 32326.29,
      "annual_escalation_rate_percent": 1.62,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (15.83%)",
        "estimated_monthly_amount_usd": 4848.94
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (20.95%)",
        "estimated_monthly_amount_usd": 3232.63
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 64652.58,
    "late_payment_interest_rate_percent": 16.9
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "New Mexico",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Marquez, Ware and Harris Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Marquez, Ware and Harris Inc.",
        "Young-Terry Mortgage Corp."
      ]
    }
  ]
}