<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-2023-3665
Status: Executed
Governing Jurisdiction: Mississippi

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Bennett and Sons Holdings, and the Tenant, Fox, Cline and Snyder. 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 2023-08-20.

The subject of this lease concerns the Entire floor 39 in Building 2 at the property located at 2679 Gregory Harbors
North Amy, IN 89668. This Mixed-Use facility consists of approximately 28580 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2023-11-03, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $82,048.42. This figure is scheduled for an annual increase based on a 3.65% escalation rate. A security deposit of $82,048.42 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 90 days' prior notice. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Fox, Cline and Snyder 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 Bennett and Sons Holdings. Note the existence of a Co-tenancy Failure clause, which can be triggered with 180 days' notice and involves a penalty structured as 10 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-2023-3665",
  "parties": {
    "lessor_details": {
      "name": "Bennett and Sons Holdings",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Fox, Cline and Snyder",
      "entity_type": "LLC",
      "address": "799 Cantu Walk Suite 916\nJennifermouth, WI 78242"
    }
  },
  "property_details": {
    "address": "2679 Gregory Harbors\nNorth Amy, IN 89668",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire floor 39 in Building 2",
    "square_footage_sqft": 28580
  },
  "lease_terms": {
    "effective_date": "2023-08-20",
    "commencement_date": "2023-11-03",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "8 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 82048.42,
      "annual_escalation_rate_percent": 3.65,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (13.18%)",
        "estimated_monthly_amount_usd": 12307.26
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (18.26%)",
        "estimated_monthly_amount_usd": 8204.84
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 82048.42
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Mississippi",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Bennett and Sons Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Bennett and Sons Holdings",
        "Carrillo, Strickland and Rodriguez Mortgage Corp."
      ]
    }
  ]
}