<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-2023-1520
Status: Under Review
Governing Jurisdiction: Missouri

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Hamilton, Thomas and Davis Properties, and the Tenant, Lopez, Jackson and Woods. 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 2023-12-26.

The subject of this lease concerns the Partial floor 13A in Building 5 at the property located at 2378 Elizabeth Crossing Suite 090
Thorntonbury, OR 46723. This Warehouse facility consists of approximately 38196 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-11, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $63,532.68. This figure is scheduled for an annual increase based on a 1.73% escalation rate. A security deposit of $63,532.68 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 Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Lopez, Jackson and Woods is required to maintain, at minimum, a Commercial General Liability policy of $2,000,000. The certificate of insurance must name all parties as stipulated, including Hamilton, Thomas and Davis Properties. Late payments of rent will accrue interest at a rate of 11.2% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 180 days' notice and involves a penalty structured as 3 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-2023-1520",
  "parties": {
    "lessor_details": {
      "name": "Hamilton, Thomas and Davis Properties",
      "entity_type": "Limited Partnership",
      "address": "97033 Castillo Ranch Apt. 877\nSouth Teresabury, KY 13712"
    },
    "lessee_details": {
      "name": "Lopez, Jackson and Woods",
      "entity_type": "LLC",
      "address": "51513 Hays Viaduct Suite 453\nPort Julieton, KY 95295"
    }
  },
  "property_details": {
    "address": "2378 Elizabeth Crossing Suite 090\nThorntonbury, OR 46723",
    "property_type": "Warehouse",
    "lease_area_description": "Partial floor 13A in Building 5",
    "square_footage_sqft": 38196
  },
  "lease_terms": {
    "effective_date": "2023-12-26",
    "commencement_date": "2024-03-11",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 63532.68,
      "annual_escalation_rate_percent": 1.73,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (18.22%)",
        "estimated_monthly_amount_usd": 9529.9
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (14.05%)",
        "estimated_monthly_amount_usd": 6353.27
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 63532.68,
    "late_payment_interest_rate_percent": 11.2
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Missouri",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Hamilton, Thomas and Davis Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Hamilton, Thomas and Davis Properties",
        "Washington-Tapia Mortgage Corp."
      ]
    }
  ]
}