<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-2024-2804
Status: Draft
Governing Jurisdiction: Alabama

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Galvan, Brandt and Simmons Inc., and the Tenant, Miller, Anderson and Sosa. 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 2024-02-10.

The subject of this lease concerns the Entire unit 25B in Building 6 at the property located at 334 Philip Manors
West Hannahstad, PR 04730. This Mixed-Use facility consists of approximately 12342 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-15, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $61,710.00. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $61,710.00 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 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, Miller, Anderson and Sosa 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 Galvan, Brandt and Simmons Inc.. Note the existence of a Co-tenancy Failure clause, which can be triggered with 60 days' notice and involves a penalty structured as 12 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-2024-2804",
  "parties": {
    "lessor_details": {
      "name": "Galvan, Brandt and Simmons Inc.",
      "entity_type": "Corporation",
      "address": "3216 Danielle View\nNorth Benjamin, SD 23675"
    },
    "lessee_details": {
      "name": "Miller, Anderson and Sosa",
      "entity_type": "S-Corp",
      "address": "PSC 7869, Box 4113\nAPO AP 99506"
    }
  },
  "property_details": {
    "address": "334 Philip Manors\nWest Hannahstad, PR 04730",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire unit 25B in Building 6",
    "square_footage_sqft": 12342
  },
  "lease_terms": {
    "effective_date": "2024-02-10",
    "commencement_date": "2024-03-15",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value"
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 61710.0,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (9.31%)",
        "estimated_monthly_amount_usd": 9256.5
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (7.31%)",
        "estimated_monthly_amount_usd": 6171.0
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 61710.0
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Alabama",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Galvan, Brandt and Simmons Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Galvan, Brandt and Simmons Inc.",
        "Mills-Thomas Mortgage Corp."
      ]
    }
  ]
}