<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-2024-8406
Status: Draft
Governing Jurisdiction: Illinois

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Delgado LLC LLC, and the Tenant, Kim PLC. 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 2024-04-20.

The subject of this lease concerns the Entire suite 34 in Building 9 at the property located at 70564 Moran Rapids
North Rebeccamouth, MT 21217. This Industrial facility consists of approximately 40275 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-06-05, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $60,580.31. This figure is scheduled for an annual increase based on a 2.56% escalation rate. A security deposit of $60,580.31 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 270 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, Kim PLC is required to maintain, at minimum, a Commercial General Liability policy of $5,000,000. The certificate of insurance must name all parties as stipulated, including Delgado LLC LLC. Note the existence of a Landlord Recapture Right clause, which can be triggered with 180 days' notice and involves a penalty structured as 9 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-2024-8406",
  "parties": {
    "lessor_details": {
      "name": "Delgado LLC LLC",
      "entity_type": "LLC",
      "address": "16223 Bruce Burg Suite 189\nLake Larryport, OH 50457"
    },
    "lessee_details": {
      "name": "Kim PLC",
      "entity_type": "Corporation",
      "address": "2442 Ross Road Suite 209\nWest Caleb, NM 37310"
    }
  },
  "property_details": {
    "address": "70564 Moran Rapids\nNorth Rebeccamouth, MT 21217",
    "property_type": "Industrial",
    "lease_area_description": "Entire suite 34 in Building 9",
    "square_footage_sqft": 40275
  },
  "lease_terms": {
    "effective_date": "2024-04-20",
    "commencement_date": "2024-06-05",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 60580.31,
      "annual_escalation_rate_percent": 2.56,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (5.99%)",
        "estimated_monthly_amount_usd": 9087.05
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (22.72%)",
        "estimated_monthly_amount_usd": 6058.03
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 60580.31
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Illinois",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Delgado LLC LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Delgado LLC LLC",
        "Torres, Taylor and Mcintyre Mortgage Corp."
      ]
    }
  ]
}