<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-2024-1741
Status: Executed
Governing Jurisdiction: Iowa

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Ferguson LLC Holdings, and the Tenant, Austin, Morales and Kennedy. 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 2024-03-05.

The subject of this lease concerns the Entire floor 19B in Building 6 at the property located at 38501 Andre Branch
Lake Jeffrey, GA 83063. This Office facility consists of approximately 13180 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-04, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $48,711.08. This figure is scheduled for an annual increase based on a 2.55% escalation rate. A security deposit of $48,711.08 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 Fair Market Value. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Austin, Morales and Kennedy 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 Ferguson LLC Holdings. Late payments of rent will accrue interest at a rate of 14.0% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 90 days' notice and involves a penalty structured as 12 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-2024-1741",
  "parties": {
    "lessor_details": {
      "name": "Ferguson LLC Holdings",
      "entity_type": "Limited Partnership",
      "address": "0221 Miller Ranch\nLake Margaretchester, AL 07704"
    },
    "lessee_details": {
      "name": "Austin, Morales and Kennedy",
      "entity_type": "S-Corp",
      "address": "9055 Christopher Rapids\nGainestown, TX 82908"
    }
  },
  "property_details": {
    "address": "38501 Andre Branch\nLake Jeffrey, GA 83063",
    "property_type": "Office",
    "lease_area_description": "Entire floor 19B in Building 6",
    "square_footage_sqft": 13180
  },
  "lease_terms": {
    "effective_date": "2024-03-05",
    "commencement_date": "2024-05-04",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 365
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 48711.08,
      "annual_escalation_rate_percent": 2.55,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (7.39%)",
        "estimated_monthly_amount_usd": 7306.66
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (5.92%)",
        "estimated_monthly_amount_usd": 4871.11
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 48711.08,
    "late_payment_interest_rate_percent": 14.0
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Iowa",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Ferguson LLC Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Ferguson LLC Holdings",
        "Tapia Inc Mortgage Corp."
      ]
    }
  ]
}