<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-2023-1399
Status: Draft
Governing Jurisdiction: Hawaii

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Arroyo-Watts Inc., and the Tenant, Lewis, Hawkins and Jones. 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 2023-11-22.

The subject of this lease concerns the Entire floor 36B in Building 1 at the property located at 9929 Blackwell Prairie Suite 822
Marieside, MS 05805. This Warehouse facility consists of the specified area and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-14, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $5,481.23. This figure is scheduled for an annual increase based on a 3.66% escalation rate. A security deposit of $10,962.46 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 180 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, Lewis, Hawkins and Jones is required to maintain, at minimum, a Commercial General Liability policy of $1,000,000. The certificate of insurance must name all parties as stipulated, including Arroyo-Watts Inc.. Late payments of rent will accrue interest at a rate of 16.0% per annum. 

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-2023-1399",
  "parties": {
    "lessor_details": {
      "name": "Arroyo-Watts Inc.",
      "entity_type": "LLC",
      "address": "332 Gonzalez Plaza Apt. 563\nKennethview, VA 75769"
    },
    "lessee_details": {
      "name": "Lewis, Hawkins and Jones",
      "entity_type": "LLC",
      "address": "3749 Thomas Junctions\nNorth Christinaton, IN 67756"
    }
  },
  "property_details": {
    "address": "9929 Blackwell Prairie Suite 822\nMarieside, MS 05805",
    "property_type": "Warehouse",
    "lease_area_description": "Entire floor 36B in Building 1"
  },
  "lease_terms": {
    "effective_date": "2023-11-22",
    "commencement_date": "2023-12-14",
    "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": 180
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 5481.23,
      "annual_escalation_rate_percent": 3.66,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (20.62%)",
        "estimated_monthly_amount_usd": 822.18
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (5.80%)",
        "estimated_monthly_amount_usd": 548.12
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 10962.46,
    "late_payment_interest_rate_percent": 16.0
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Hawaii",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Arroyo-Watts Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Arroyo-Watts Inc.",
        "Russell-Adams Mortgage Corp."
      ]
    }
  ]
}