<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-2024-1879
Status: Under Review
Governing Jurisdiction: Tennessee

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Caldwell and Sons Properties, and the Tenant, Hunt and Sons. 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 2024-01-21.

The subject of this lease concerns the Entire suite 43B in Building 2 at the property located at 1235 Doris Rest
New Danielstad, AS 59729. This Mixed-Use facility consists of approximately 20168 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-04-18, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $37,008.28. This figure is scheduled for an annual increase based on a 2.23% escalation rate. A security deposit of $37,008.28 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months. 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, Hunt and Sons 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 Caldwell and Sons Properties. Late payments of rent will accrue interest at a rate of 10.1% 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-2024-1879",
  "parties": {
    "lessor_details": {
      "name": "Caldwell and Sons Properties",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Hunt and Sons",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "1235 Doris Rest\nNew Danielstad, AS 59729",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire suite 43B in Building 2",
    "square_footage_sqft": 20168
  },
  "lease_terms": {
    "effective_date": "2024-01-21",
    "commencement_date": "2024-04-18",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 37008.28,
      "annual_escalation_rate_percent": 2.23,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (23.66%)",
        "estimated_monthly_amount_usd": 5551.24
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (16.33%)",
        "estimated_monthly_amount_usd": 3700.83
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 37008.28,
    "late_payment_interest_rate_percent": 10.1
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Tennessee",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Caldwell and Sons Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Caldwell and Sons Properties",
        "Arroyo-Keller Mortgage Corp."
      ]
    }
  ]
}