<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-2024-5637
Status: Amended
Governing Jurisdiction: New York

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, King, Jones and Proctor Properties, and the Tenant, Hall-Flores. 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 2024-05-16.

The subject of this lease concerns the Partial suite 50 in Building 9 at the property located at 2999 Emma Shoal
South Beverly, NY 45643. This Industrial facility consists of approximately 14245 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-06-26, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $68,008.00. This figure is scheduled for an annual increase based on a 1.88% escalation rate. A security deposit of $68,008.00 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 CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Hall-Flores 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 King, Jones and Proctor Properties. Late payments of rent will accrue interest at a rate of 16.5% 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-2024-5637",
  "parties": {
    "lessor_details": {
      "name": "King, Jones and Proctor Properties",
      "entity_type": "Limited Partnership",
      "address": "Unit 9961 Box 7047\nDPO AP 04818"
    },
    "lessee_details": {
      "name": "Hall-Flores",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "2999 Emma Shoal\nSouth Beverly, NY 45643",
    "property_type": "Industrial",
    "lease_area_description": "Partial suite 50 in Building 9",
    "square_footage_sqft": 14245
  },
  "lease_terms": {
    "effective_date": "2024-05-16",
    "commencement_date": "2024-06-26",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      },
      {
        "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": 68008.0,
      "annual_escalation_rate_percent": 1.88,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (7.35%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (5.75%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 68008.0,
    "late_payment_interest_rate_percent": 16.5
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "New York",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "King, Jones and Proctor Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "King, Jones and Proctor Properties",
        "Wagner-Norton Mortgage Corp."
      ]
    }
  ]
}