<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-2024-2994
Status: Executed
Governing Jurisdiction: New Hampshire

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Harrison Group Inc., and the Tenant, Goodman, Martinez and Bruce. 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 2024-03-03.

The subject of this lease concerns the Partial unit 43 in Building 9 at the property located at 098 Kelly Centers
Samanthaville, ND 09404. This Mixed-Use facility consists of approximately 10775 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-21, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $38,179.42. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $38,179.42 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 Fixed 3% annual increase. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Goodman, Martinez and Bruce 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 Harrison Group Inc.. Late payments of rent will accrue interest at a rate of 17.1% 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 5 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-2024-2994",
  "parties": {
    "lessor_details": {
      "name": "Harrison Group Inc.",
      "entity_type": "Corporation",
      "address": "241 Sanchez Islands Apt. 662\nNorth Samantha, KY 32818"
    },
    "lessee_details": {
      "name": "Goodman, Martinez and Bruce",
      "entity_type": "Corporation"
    }
  },
  "property_details": {
    "address": "098 Kelly Centers\nSamanthaville, ND 09404",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial unit 43 in Building 9",
    "square_footage_sqft": 10775
  },
  "lease_terms": {
    "effective_date": "2024-03-03",
    "commencement_date": "2024-05-21",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 38179.42,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (24.16%)",
        "estimated_monthly_amount_usd": 5726.91
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (8.11%)",
        "estimated_monthly_amount_usd": 3817.94
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 38179.42,
    "late_payment_interest_rate_percent": 17.1
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "New Hampshire",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Harrison Group Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Harrison Group Inc.",
        "Dennis PLC Mortgage Corp."
      ]
    }
  ]
}