<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-2024-3690
Status: Amended
Governing Jurisdiction: Montana

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Hayes, Nunez and Wells Properties, and the Tenant, Clark-Phillips. 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 2024-06-21.

The subject of this lease concerns the Entire unit 34 in Building 5 at the property located at 8378 Helen Villages Apt. 085
Port Laurenside, CA 54201. This Office facility consists of approximately 34417 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-09-01, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $123,327.58. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $246,655.16 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 270 days' prior notice. 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, Clark-Phillips 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 Hayes, Nunez and Wells Properties. Late payments of rent will accrue interest at a rate of 17.0% 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 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-2024-3690",
  "parties": {
    "lessor_details": {
      "name": "Hayes, Nunez and Wells Properties",
      "entity_type": "Limited Partnership",
      "address": "841 Eric Shores\nRobertchester, PA 92991"
    },
    "lessee_details": {
      "name": "Clark-Phillips",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "8378 Helen Villages Apt. 085\nPort Laurenside, CA 54201",
    "property_type": "Office",
    "lease_area_description": "Entire unit 34 in Building 5",
    "square_footage_sqft": 34417
  },
  "lease_terms": {
    "effective_date": "2024-06-21",
    "commencement_date": "2024-09-01",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "4 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 123327.58,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (15.71%)",
        "estimated_monthly_amount_usd": 18499.14
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (20.04%)",
        "estimated_monthly_amount_usd": 12332.76
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 246655.16,
    "late_payment_interest_rate_percent": 17.0
  },
  "permitted_use": "General office 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": [
        "Hayes, Nunez and Wells Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Hayes, Nunez and Wells Properties",
        "Mack, Thompson and Woods Mortgage Corp."
      ]
    }
  ]
}