<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-2024-9629
Status: Executed
Governing Jurisdiction: Minnesota

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Daugherty, Torres and Reyes Holdings, and the Tenant, Roberts LLC. 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 2024-06-26.

The subject of this lease concerns the Partial floor 18B in Building 1 at the property located at 990 Stone Loaf Suite 165
Michaelbury, WA 70657. This Industrial facility consists of approximately 33508 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-08-28, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $151,763.32. This figure is scheduled for an annual increase based on a 1.93% escalation rate. A security deposit of $151,763.32 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, Roberts LLC 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 Daugherty, Torres and Reyes Holdings. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 90 days' notice and involves a penalty structured as 7 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-2024-9629",
  "parties": {
    "lessor_details": {
      "name": "Daugherty, Torres and Reyes Holdings",
      "entity_type": "Corporation",
      "address": "78008 Foster Course\nLake James, AR 79581"
    },
    "lessee_details": {
      "name": "Roberts LLC",
      "entity_type": "Corporation"
    }
  },
  "property_details": {
    "address": "990 Stone Loaf Suite 165\nMichaelbury, WA 70657",
    "property_type": "Industrial",
    "lease_area_description": "Partial floor 18B in Building 1",
    "square_footage_sqft": 33508
  },
  "lease_terms": {
    "effective_date": "2024-06-26",
    "commencement_date": "2024-08-28",
    "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,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 151763.32,
      "annual_escalation_rate_percent": 1.93,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (21.66%)",
        "estimated_monthly_amount_usd": 22764.5
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (6.81%)",
        "estimated_monthly_amount_usd": 15176.33
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 151763.32
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Minnesota",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Daugherty, Torres and Reyes Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Daugherty, Torres and Reyes Holdings",
        "Lutz-Wright Mortgage Corp."
      ]
    }
  ]
}