<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-2024-8811
Status: Amended
Governing Jurisdiction: South Dakota

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Mitchell Ltd Inc., and the Tenant, Howard-Keith. 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 2024-04-13.

The subject of this lease concerns the Partial floor 9B in Building 2 at the property located at 41976 Lutz Viaduct
South James, UT 75595. This Warehouse facility consists of approximately 29405 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-06-01, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $58,540.45. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $117,080.90 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 270 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, Howard-Keith 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 Mitchell Ltd Inc.. Late payments of rent will accrue interest at a rate of 17.3% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 60 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-2024-8811",
  "parties": {
    "lessor_details": {
      "name": "Mitchell Ltd Inc.",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Howard-Keith",
      "entity_type": "S-Corp",
      "address": "896 Ronald Forge Apt. 876\nStevenmouth, MD 87129"
    }
  },
  "property_details": {
    "address": "41976 Lutz Viaduct\nSouth James, UT 75595",
    "property_type": "Warehouse",
    "lease_area_description": "Partial floor 9B in Building 2",
    "square_footage_sqft": 29405
  },
  "lease_terms": {
    "effective_date": "2024-04-13",
    "commencement_date": "2024-06-01",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 58540.45,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (10.30%)",
        "estimated_monthly_amount_usd": 8781.07
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (15.70%)",
        "estimated_monthly_amount_usd": 5854.04
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 117080.9,
    "late_payment_interest_rate_percent": 17.3
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "South Dakota",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Mitchell Ltd Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Mitchell Ltd Inc.",
        "Washington-Rogers Mortgage Corp."
      ]
    }
  ]
}