<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-2023-5676
Status: Amended
Governing Jurisdiction: Pennsylvania

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Russell, Hurst and Evans Inc., and the Tenant, Simon, Wilson and Richards. 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 2023-10-10.

The subject of this lease concerns the Partial floor 30A in Building 1 at the property located at 44202 Brown Overpass Apt. 400
Erinside, AR 72520. This Mixed-Use 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 2023-12-27, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $50,811.84. This figure is scheduled for an annual increase based on a 3.68% escalation rate. A security deposit of $50,811.84 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, Simon, Wilson and Richards 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 Russell, Hurst and Evans Inc.. Late payments of rent will accrue interest at a rate of 15.4% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 60 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-2023-5676",
  "parties": {
    "lessor_details": {
      "name": "Russell, Hurst and Evans Inc.",
      "entity_type": "Corporation",
      "address": "58993 Livingston Crossing\nMariemouth, LA 13168"
    },
    "lessee_details": {
      "name": "Simon, Wilson and Richards",
      "entity_type": "Corporation",
      "address": "975 Martin Gateway\nRobertshire, KY 28285"
    }
  },
  "property_details": {
    "address": "44202 Brown Overpass Apt. 400\nErinside, AR 72520",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial floor 30A in Building 1"
  },
  "lease_terms": {
    "effective_date": "2023-10-10",
    "commencement_date": "2023-12-27",
    "initial_term_months": 84,
    "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
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "4 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 50811.84,
      "annual_escalation_rate_percent": 3.68,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (13.71%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (18.90%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 50811.84,
    "late_payment_interest_rate_percent": 15.4
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Pennsylvania",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Russell, Hurst and Evans Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Russell, Hurst and Evans Inc.",
        "English PLC Mortgage Corp."
      ]
    }
  ]
}