<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-2023-8844
Status: Amended
Governing Jurisdiction: Massachusetts

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Jackson, Kim and Davis Properties, and the Tenant, Rose, Alvarado and Shah. 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 2023-10-01.

The subject of this lease concerns the Partial suite 2 in Building 3 at the property located at 906 Michael Ville
West Robert, VI 13406. This Retail facility consists of the specified area and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2023-11-16, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $70,558.06. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $70,558.06 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Rose, Alvarado and Shah is required to maintain, at minimum, a Commercial General Liability policy of $5,000,000. The certificate of insurance must name all parties as stipulated, including Jackson, Kim and Davis Properties. Late payments of rent will accrue interest at a rate of 15.6% per annum. Note the existence of a Landlord Recapture Right 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-2023-8844",
  "parties": {
    "lessor_details": {
      "name": "Jackson, Kim and Davis Properties",
      "entity_type": "Limited Partnership",
      "address": "516 Daniel Lock Suite 788\nTinaton, NE 83753"
    },
    "lessee_details": {
      "name": "Rose, Alvarado and Shah",
      "entity_type": "S-Corp",
      "address": "6310 Linda Valleys\nPattymouth, MP 19908"
    }
  },
  "property_details": {
    "address": "906 Michael Ville\nWest Robert, VI 13406",
    "property_type": "Retail",
    "lease_area_description": "Partial suite 2 in Building 3"
  },
  "lease_terms": {
    "effective_date": "2023-10-01",
    "commencement_date": "2023-11-16",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value"
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 70558.06,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (15.43%)",
        "estimated_monthly_amount_usd": 10583.71
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (23.66%)",
        "estimated_monthly_amount_usd": 7055.81
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 70558.06,
    "late_payment_interest_rate_percent": 15.6
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Massachusetts",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Jackson, Kim and Davis Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Jackson, Kim and Davis Properties",
        "Francis Ltd Mortgage Corp."
      ]
    }
  ]
}