<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-2024-4091
Status: Executed
Governing Jurisdiction: Minnesota

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Rodgers, Adkins and Page Inc., and the Tenant, Mann-Delgado. 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 2024-02-24.

The subject of this lease concerns the Partial floor 1B in Building 9 at the property located at 80104 Megan Cliff Apt. 197
West Antonio, KY 66186. This Office facility consists of approximately 41030 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-01, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $107,498.60. This figure is scheduled for an annual increase based on a 2.11% escalation rate. A security deposit of $107,498.60 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 180 days' prior notice. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Mann-Delgado 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 Rodgers, Adkins and Page Inc.. Note the existence of a Landlord Recapture Right clause, which can be triggered with 90 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-2024-4091",
  "parties": {
    "lessor_details": {
      "name": "Rodgers, Adkins and Page Inc.",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Mann-Delgado",
      "entity_type": "S-Corp",
      "address": "849 Laura Street\nCrystalberg, SC 44649"
    }
  },
  "property_details": {
    "address": "80104 Megan Cliff Apt. 197\nWest Antonio, KY 66186",
    "property_type": "Office",
    "lease_area_description": "Partial floor 1B in Building 9",
    "square_footage_sqft": 41030
  },
  "lease_terms": {
    "effective_date": "2024-02-24",
    "commencement_date": "2024-03-01",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 180
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 107498.6,
      "annual_escalation_rate_percent": 2.11,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.33%)",
        "estimated_monthly_amount_usd": 16124.79
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (13.86%)",
        "estimated_monthly_amount_usd": 10749.86
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 107498.6
  },
  "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": 5000000,
      "named_insureds_required": [
        "Rodgers, Adkins and Page Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Rodgers, Adkins and Page Inc.",
        "Ingram, Williams and Powers Mortgage Corp."
      ]
    }
  ]
}