<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-2023-6651
Status: Executed
Governing Jurisdiction: Kentucky

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Clark-Scott Inc., and the Tenant, Adams-Rangel. 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 2023-09-07.

The subject of this lease concerns the Partial suite 36 in Building 9 at the property located at 24082 Moore Mission Suite 226
Samanthafurt, LA 04484. This Industrial facility consists of the specified area and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-09-29, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $3,570.37. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $3,570.37 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 CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Adams-Rangel 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 Clark-Scott Inc.. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 90 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-2023-6651",
  "parties": {
    "lessor_details": {
      "name": "Clark-Scott Inc.",
      "entity_type": "Corporation",
      "address": "050 Trevino Forks Apt. 148\nGwendolynfurt, TN 77642"
    },
    "lessee_details": {
      "name": "Adams-Rangel",
      "entity_type": "Corporation",
      "address": "360 Andrews Summit\nSouth Colinmouth, MI 65673"
    }
  },
  "property_details": {
    "address": "24082 Moore Mission Suite 226\nSamanthafurt, LA 04484",
    "property_type": "Industrial",
    "lease_area_description": "Partial suite 36 in Building 9"
  },
  "lease_terms": {
    "effective_date": "2023-09-07",
    "commencement_date": "2023-09-29",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 3570.37,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (20.95%)",
        "estimated_monthly_amount_usd": 535.56
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (23.22%)",
        "estimated_monthly_amount_usd": 357.04
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 3570.37
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Kentucky",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Clark-Scott Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Clark-Scott Inc.",
        "Morgan Ltd Mortgage Corp."
      ]
    }
  ]
}