<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-2023-6448
Status: Executed
Governing Jurisdiction: California

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Atkins, Roberts and Johnson Holdings, and the Tenant, Kaufman-Gonzalez. 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 2023-11-03.

The subject of this lease concerns the Partial unit 44 in Building 9 at the property located at 7977 Dickson Drive
Beckerburgh, MI 33316. This Office facility consists of approximately 9915 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-29, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $43,840.83. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $43,840.83 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 requires Landlord's explicit consent.

Per section 10.1, Kaufman-Gonzalez 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 Atkins, Roberts and Johnson Holdings. Late payments of rent will accrue interest at a rate of 17.5% per annum. 

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-2023-6448",
  "parties": {
    "lessor_details": {
      "name": "Atkins, Roberts and Johnson Holdings",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Kaufman-Gonzalez",
      "entity_type": "Corporation",
      "address": "34185 Garcia Extension\nLake Zacharyshire, FL 03251"
    }
  },
  "property_details": {
    "address": "7977 Dickson Drive\nBeckerburgh, MI 33316",
    "property_type": "Office",
    "lease_area_description": "Partial unit 44 in Building 9",
    "square_footage_sqft": 9915
  },
  "lease_terms": {
    "effective_date": "2023-11-03",
    "commencement_date": "2023-12-29",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value"
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 43840.83,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (16.07%)",
        "estimated_monthly_amount_usd": 6576.12
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (15.08%)",
        "estimated_monthly_amount_usd": 4384.08
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 43840.83,
    "late_payment_interest_rate_percent": 17.5
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "California",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Atkins, Roberts and Johnson Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Atkins, Roberts and Johnson Holdings",
        "Hawkins-Horn Mortgage Corp."
      ]
    }
  ]
}