<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-2024-8527
Status: Under Review
Governing Jurisdiction: New York

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Russell-Moore LLC, and the Tenant, Huynh Group. 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 2024-05-11.

The subject of this lease concerns the Partial floor 42A in Building 6 at the property located at 287 Howard Glen Suite 206
Nicolemouth, MS 66570. This Retail facility consists of approximately 17458 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-19, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $74,051.02. This figure is scheduled for an annual increase based on a 3.77% escalation rate. A security deposit of $74,051.02 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 CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Huynh Group 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 Russell-Moore LLC. Late payments of rent will accrue interest at a rate of 12.2% 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-2024-8527",
  "parties": {
    "lessor_details": {
      "name": "Russell-Moore LLC",
      "entity_type": "Corporation",
      "address": "51900 Howe Summit\nClarkland, FM 05723"
    },
    "lessee_details": {
      "name": "Huynh Group",
      "entity_type": "Corporation",
      "address": "USCGC Allen\nFPO AE 18107"
    }
  },
  "property_details": {
    "address": "287 Howard Glen Suite 206\nNicolemouth, MS 66570",
    "property_type": "Retail",
    "lease_area_description": "Partial floor 42A in Building 6",
    "square_footage_sqft": 17458
  },
  "lease_terms": {
    "effective_date": "2024-05-11",
    "commencement_date": "2024-05-19",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 74051.02,
      "annual_escalation_rate_percent": 3.77,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (23.99%)",
        "estimated_monthly_amount_usd": 11107.65
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (25.0%)",
        "estimated_monthly_amount_usd": 7405.1
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 74051.02,
    "late_payment_interest_rate_percent": 12.2
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "New York",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Russell-Moore LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Russell-Moore LLC",
        "Mcmahon, Carter and Smith Mortgage Corp."
      ]
    }
  ]
}