<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-2024-6093
Status: Executed
Governing Jurisdiction: Missouri

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Allen and Sons LLC, and the Tenant, Henderson 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 2024-02-04.

The subject of this lease concerns the Entire floor 16 in Building 8 at the property located at 2930 Michael Avenue Apt. 363
Jeffreyburgh, MD 09164. This Office facility consists of the specified area and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-02-09, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $29,569.80. This figure is scheduled for an annual increase based on a 2.43% escalation rate. A security deposit of $29,569.80 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 365 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 is permitted subject to standard conditions.

Per section 10.1, Henderson Group 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 Allen and Sons LLC. Late payments of rent will accrue interest at a rate of 15.0% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 180 days' notice and involves a penalty structured as 10 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-2024-6093",
  "parties": {
    "lessor_details": {
      "name": "Allen and Sons LLC",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Henderson Group",
      "entity_type": "LLC",
      "address": "068 Anderson Creek\nWest Brandonfurt, WI 16437"
    }
  },
  "property_details": {
    "address": "2930 Michael Avenue Apt. 363\nJeffreyburgh, MD 09164",
    "property_type": "Office",
    "lease_area_description": "Entire floor 16 in Building 8"
  },
  "lease_terms": {
    "effective_date": "2024-02-04",
    "commencement_date": "2024-02-09",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 29569.8,
      "annual_escalation_rate_percent": 2.43,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (13.50%)",
        "estimated_monthly_amount_usd": 4435.47
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (15.70%)",
        "estimated_monthly_amount_usd": 2956.98
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 29569.8,
    "late_payment_interest_rate_percent": 15.0
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Missouri",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Allen and Sons LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Allen and Sons LLC",
        "Smith-Craig Mortgage Corp."
      ]
    }
  ]
}