<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-2023-7966
Status: Amended
Governing Jurisdiction: Kansas

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Thomas, Barnes and Carter Ventures, and the Tenant, Reed, Harvey and Long. 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 2023-12-22.

The subject of this lease concerns the Partial suite 5 in Building 7 at the property located at 1066 Ward Meadow Suite 488
Benderside, AR 87864. This Industrial facility consists of approximately 37068 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-02-18, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $177,555.72. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $355,111.44 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 CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Reed, Harvey and Long 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 Thomas, Barnes and Carter Ventures. Late payments of rent will accrue interest at a rate of 11.8% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 60 days' notice and involves a penalty structured as 4 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-2023-7966",
  "parties": {
    "lessor_details": {
      "name": "Thomas, Barnes and Carter Ventures",
      "entity_type": "Limited Partnership",
      "address": "PSC 5758, Box 1103\nAPO AA 21003"
    },
    "lessee_details": {
      "name": "Reed, Harvey and Long",
      "entity_type": "Corporation",
      "address": "8745 Gina Street Apt. 600\nEast Mary, IN 22357"
    }
  },
  "property_details": {
    "address": "1066 Ward Meadow Suite 488\nBenderside, AR 87864",
    "property_type": "Industrial",
    "lease_area_description": "Partial suite 5 in Building 7",
    "square_footage_sqft": 37068
  },
  "lease_terms": {
    "effective_date": "2023-12-22",
    "commencement_date": "2024-02-18",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "4 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 177555.72,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (19.95%)",
        "estimated_monthly_amount_usd": 26633.36
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (12.51%)",
        "estimated_monthly_amount_usd": 17755.57
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 355111.44,
    "late_payment_interest_rate_percent": 11.8
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Kansas",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Thomas, Barnes and Carter Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Thomas, Barnes and Carter Ventures",
        "Wilson PLC Mortgage Corp."
      ]
    }
  ]
}