<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-2024-3713
Status: Under Review
Governing Jurisdiction: Mississippi

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Munoz and Sons Holdings, and the Tenant, Brown-Miranda. 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 2024-07-05.

The subject of this lease concerns the Partial suite 17 in Building 8 at the property located at 6926 Jeremiah Shoals
Port Zachary, MH 81694. This Office facility consists of approximately 18267 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-09-20, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $26,928.60. This figure is scheduled for an annual increase based on a 3.64% escalation rate. A security deposit of $53,857.20 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 Fixed 3% annual increase. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Brown-Miranda 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 Munoz and Sons Holdings. Late payments of rent will accrue interest at a rate of 12.3% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 90 days' notice and involves a penalty structured as 4 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-2024-3713",
  "parties": {
    "lessor_details": {
      "name": "Munoz and Sons Holdings",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Brown-Miranda",
      "entity_type": "Corporation",
      "address": "USNV Huff\nFPO AA 05223"
    }
  },
  "property_details": {
    "address": "6926 Jeremiah Shoals\nPort Zachary, MH 81694",
    "property_type": "Office",
    "lease_area_description": "Partial suite 17 in Building 8",
    "square_footage_sqft": 18267
  },
  "lease_terms": {
    "effective_date": "2024-07-05",
    "commencement_date": "2024-09-20",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "4 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 26928.6,
      "annual_escalation_rate_percent": 3.64,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.46%)",
        "estimated_monthly_amount_usd": 4039.29
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (12.66%)",
        "estimated_monthly_amount_usd": 2692.86
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 53857.2,
    "late_payment_interest_rate_percent": 12.3
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Mississippi",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Munoz and Sons Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Munoz and Sons Holdings",
        "Montgomery, Anderson and Houston Mortgage Corp."
      ]
    }
  ]
}