<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-2023-1226
Status: Amended
Governing Jurisdiction: Indiana

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Hickman, Mcdonald and Curtis Holdings, and the Tenant, Thomas Inc. 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 2023-11-13.

The subject of this lease concerns the Partial suite 30A in Building 5 at the property located at 691 Michelle Circle
Susanstad, NM 62298. This Retail facility consists of approximately 22710 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-02-09, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $47,255.72. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $94,511.44 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 180 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, Thomas Inc 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 Hickman, Mcdonald and Curtis Holdings. 

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-2023-1226",
  "parties": {
    "lessor_details": {
      "name": "Hickman, Mcdonald and Curtis Holdings",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Thomas Inc",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "691 Michelle Circle\nSusanstad, NM 62298",
    "property_type": "Retail",
    "lease_area_description": "Partial suite 30A in Building 5",
    "square_footage_sqft": 22710
  },
  "lease_terms": {
    "effective_date": "2023-11-13",
    "commencement_date": "2024-02-09",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 180
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 47255.72,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (17.23%)",
        "estimated_monthly_amount_usd": 7088.36
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (10.27%)",
        "estimated_monthly_amount_usd": 4725.57
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 94511.44
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Indiana",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Hickman, Mcdonald and Curtis Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Hickman, Mcdonald and Curtis Holdings",
        "Bishop and Sons Mortgage Corp."
      ]
    }
  ]
}