<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-2023-1381
Status: Executed
Governing Jurisdiction: Alaska

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Avery, Rivera and Mckee Holdings, and the Tenant, Hart, Butler and Collins. 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 2023-10-26.

The subject of this lease concerns the Partial unit 46B in Building 3 at the property located at 58910 John Shore Suite 842
Mitchelltown, VA 93426. This Retail 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 2023-11-17, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $56,291.18. This figure is scheduled for an annual increase based on a 3.2% escalation rate. A security deposit of $112,582.36 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 Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Hart, Butler and Collins is required to maintain, at minimum, a Commercial General Liability policy of $1,000,000. The certificate of insurance must name all parties as stipulated, including Avery, Rivera and Mckee Holdings. Note the existence of a Co-tenancy Failure clause, which can be triggered with 180 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-2023-1381",
  "parties": {
    "lessor_details": {
      "name": "Avery, Rivera and Mckee Holdings",
      "entity_type": "Limited Partnership",
      "address": "615 Dustin Vista\nEast Penny, UT 99453"
    },
    "lessee_details": {
      "name": "Hart, Butler and Collins",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "58910 John Shore Suite 842\nMitchelltown, VA 93426",
    "property_type": "Retail",
    "lease_area_description": "Partial unit 46B in Building 3"
  },
  "lease_terms": {
    "effective_date": "2023-10-26",
    "commencement_date": "2023-11-17",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 56291.18,
      "annual_escalation_rate_percent": 3.2,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (17.33%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (23.44%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 112582.36
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Alaska",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Avery, Rivera and Mckee Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Avery, Rivera and Mckee Holdings",
        "Anderson Inc Mortgage Corp."
      ]
    }
  ]
}