<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-2024-5236
Status: Amended
Governing Jurisdiction: Kansas

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Kidd Group Holdings, and the Tenant, Russo Ltd. 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 2024-05-14.

The subject of this lease concerns the Partial floor 33A in Building 8 at the property located at 900 Nathan Springs
South Lindsayborough, ND 75139. This Warehouse 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 2024-06-28, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $21,807.04. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $43,614.08 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months. 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, Russo Ltd 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 Kidd Group Holdings. Late payments of rent will accrue interest at a rate of 12.2% 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-2024-5236",
  "parties": {
    "lessor_details": {
      "name": "Kidd Group Holdings",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Russo Ltd",
      "entity_type": "Corporation"
    }
  },
  "property_details": {
    "address": "900 Nathan Springs\nSouth Lindsayborough, ND 75139",
    "property_type": "Warehouse",
    "lease_area_description": "Partial floor 33A in Building 8"
  },
  "lease_terms": {
    "effective_date": "2024-05-14",
    "commencement_date": "2024-06-28",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 21807.04,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (25.0%)",
        "estimated_monthly_amount_usd": 3271.06
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (6.01%)",
        "estimated_monthly_amount_usd": 2180.7
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 43614.08,
    "late_payment_interest_rate_percent": 12.2
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Kansas",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Kidd Group Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Kidd Group Holdings",
        "Gonzalez Inc Mortgage Corp."
      ]
    }
  ]
}