<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-2023-4788
Status: Executed
Governing Jurisdiction: Kansas

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Harding-Hernandez Inc., and the Tenant, Boyd-Miller. 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 2023-10-15.

The subject of this lease concerns the Partial floor 33A in Building 6 at the property located at 159 Amanda Ridges Apt. 380
South Jared, SC 83113. This Mixed-Use facility consists of approximately 33318 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-11-26, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $137,159.10. This figure is scheduled for an annual increase based on a 2.41% escalation rate. A security deposit of $274,318.20 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 requires Landlord's explicit consent.

Per section 10.1, Boyd-Miller 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 Harding-Hernandez Inc.. Late payments of rent will accrue interest at a rate of 14.4% per annum. 

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-2023-4788",
  "parties": {
    "lessor_details": {
      "name": "Harding-Hernandez Inc.",
      "entity_type": "Corporation",
      "address": "680 Phillips Highway Suite 557\nSouth Angela, NH 50472"
    },
    "lessee_details": {
      "name": "Boyd-Miller",
      "entity_type": "S-Corp",
      "address": "3293 Williams Port Suite 622\nSotoport, IL 71219"
    }
  },
  "property_details": {
    "address": "159 Amanda Ridges Apt. 380\nSouth Jared, SC 83113",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial floor 33A in Building 6",
    "square_footage_sqft": 33318
  },
  "lease_terms": {
    "effective_date": "2023-10-15",
    "commencement_date": "2023-11-26",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 365
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 137159.1,
      "annual_escalation_rate_percent": 2.41,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (5.69%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (17.58%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 274318.2,
    "late_payment_interest_rate_percent": 14.4
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Kansas",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Harding-Hernandez Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Harding-Hernandez Inc.",
        "Hansen-Clarke Mortgage Corp."
      ]
    }
  ]
}