<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-2023-5265
Status: Executed
Governing Jurisdiction: Kansas

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Hansen-Martinez Properties, and the Tenant, Pierce, Benson and Flores. 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 2023-11-28.

The subject of this lease concerns the Entire floor 12 in Building 6 at the property located at 67844 Javier Course Suite 418
Mcgrathville, VI 80310. This Retail facility consists of approximately 15824 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-20, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $29,828.24. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $29,828.24 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 365 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 is permitted subject to standard conditions.

Per section 10.1, Pierce, Benson and Flores 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 Hansen-Martinez Properties. 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-2023-5265",
  "parties": {
    "lessor_details": {
      "name": "Hansen-Martinez Properties",
      "entity_type": "Corporation",
      "address": "6327 Peter Shoals Suite 856\nDylanborough, MH 50843"
    },
    "lessee_details": {
      "name": "Pierce, Benson and Flores",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "67844 Javier Course Suite 418\nMcgrathville, VI 80310",
    "property_type": "Retail",
    "lease_area_description": "Entire floor 12 in Building 6",
    "square_footage_sqft": 15824
  },
  "lease_terms": {
    "effective_date": "2023-11-28",
    "commencement_date": "2024-01-20",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 365
      }
    ],
    "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": 29828.24,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.80%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (9.67%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 29828.24
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Kansas",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Hansen-Martinez Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Hansen-Martinez Properties",
        "Martinez, Burton and Moore Mortgage Corp."
      ]
    }
  ]
}