<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-2024-1836
Status: Amended
Governing Jurisdiction: Montana

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Ford Group Properties, and the Tenant, House 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 2024-01-10.

The subject of this lease concerns the Partial unit 16B in Building 2 at the property located at 2960 James Junction Suite 577
Davisport, PA 70666. This Warehouse facility consists of approximately 9388 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-02-08, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $18,024.96. This figure is scheduled for an annual increase based on a 1.71% escalation rate. A security deposit of $18,024.96 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 Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, House Ltd is required to maintain, at minimum, a Commercial General Liability policy of $2,000,000. The certificate of insurance must name all parties as stipulated, including Ford Group Properties. Late payments of rent will accrue interest at a rate of 5.3% 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 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-2024-1836",
  "parties": {
    "lessor_details": {
      "name": "Ford Group Properties",
      "entity_type": "Corporation",
      "address": "7635 Foster Extension\nRitaburgh, GU 76336"
    },
    "lessee_details": {
      "name": "House Ltd",
      "entity_type": "Corporation"
    }
  },
  "property_details": {
    "address": "2960 James Junction Suite 577\nDavisport, PA 70666",
    "property_type": "Warehouse",
    "lease_area_description": "Partial unit 16B in Building 2",
    "square_footage_sqft": 9388
  },
  "lease_terms": {
    "effective_date": "2024-01-10",
    "commencement_date": "2024-02-08",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 365
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "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": "4 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 18024.96,
      "annual_escalation_rate_percent": 1.71,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (22.72%)",
        "estimated_monthly_amount_usd": 2703.74
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (21.68%)",
        "estimated_monthly_amount_usd": 1802.5
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 18024.96,
    "late_payment_interest_rate_percent": 5.3
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Montana",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Ford Group Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Ford Group Properties",
        "Martin, Henson and French Mortgage Corp."
      ]
    }
  ]
}