<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-2024-9705
Status: Amended
Governing Jurisdiction: Hawaii

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Terry Ltd Properties, and the Tenant, Hernandez Group. 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 2024-06-29.

The subject of this lease concerns the Entire floor 4A in Building 9 at the property located at 8533 Steven Ville
North Thomas, OK 77734. This Industrial facility consists of approximately 3064 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-07-05, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $9,761.39. This figure is scheduled for an annual increase based on a 2.26% escalation rate. A security deposit of $9,761.39 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 90 days' prior notice. During any such renewal, the rent will be adjusted according to Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Hernandez Group 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 Terry Ltd Properties. Late payments of rent will accrue interest at a rate of 17.4% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 180 days' notice and involves a penalty structured as 3 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-2024-9705",
  "parties": {
    "lessor_details": {
      "name": "Terry Ltd Properties",
      "entity_type": "Limited Partnership",
      "address": "USNS Griffith\nFPO AP 97260"
    },
    "lessee_details": {
      "name": "Hernandez Group",
      "entity_type": "S-Corp",
      "address": "5978 Cynthia Unions Suite 677\nClarkview, CA 11442"
    }
  },
  "property_details": {
    "address": "8533 Steven Ville\nNorth Thomas, OK 77734",
    "property_type": "Industrial",
    "lease_area_description": "Entire floor 4A in Building 9",
    "square_footage_sqft": 3064
  },
  "lease_terms": {
    "effective_date": "2024-06-29",
    "commencement_date": "2024-07-05",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "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": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 9761.39,
      "annual_escalation_rate_percent": 2.26,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (23.11%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (17.46%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 9761.39,
    "late_payment_interest_rate_percent": 17.4
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Hawaii",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Terry Ltd Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Terry Ltd Properties",
        "Hughes, Duke and Wilkins Mortgage Corp."
      ]
    }
  ]
}