<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-2024-6720
Status: Amended
Governing Jurisdiction: Maryland

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Odonnell, Lewis and Rogers Inc., and the Tenant, Carlson, Smith and Costa. 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 2024-03-16.

The subject of this lease concerns the Partial unit 6A in Building 8 at the property located at 26176 Rodriguez Trafficway
Port Melvin, FL 20715. This Industrial facility consists of approximately 30224 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-06-08, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $109,486.44. This figure is scheduled for an annual increase based on a 2.36% escalation rate. A security deposit of $218,972.88 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 90 days' prior notice. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Carlson, Smith and Costa 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 Odonnell, Lewis and Rogers Inc.. Late payments of rent will accrue interest at a rate of 6.0% 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 8 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-2024-6720",
  "parties": {
    "lessor_details": {
      "name": "Odonnell, Lewis and Rogers Inc.",
      "entity_type": "Corporation",
      "address": "33416 Flores Locks Suite 256\nQuinntown, SC 91326"
    },
    "lessee_details": {
      "name": "Carlson, Smith and Costa",
      "entity_type": "Corporation"
    }
  },
  "property_details": {
    "address": "26176 Rodriguez Trafficway\nPort Melvin, FL 20715",
    "property_type": "Industrial",
    "lease_area_description": "Partial unit 6A in Building 8",
    "square_footage_sqft": 30224
  },
  "lease_terms": {
    "effective_date": "2024-03-16",
    "commencement_date": "2024-06-08",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "8 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 109486.44,
      "annual_escalation_rate_percent": 2.36,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (9.22%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (23.08%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 218972.88,
    "late_payment_interest_rate_percent": 6.0
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Maryland",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Odonnell, Lewis and Rogers Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Odonnell, Lewis and Rogers Inc.",
        "Pennington Inc Mortgage Corp."
      ]
    }
  ]
}