<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-2023-6468
Status: Under Review
Governing Jurisdiction: Georgia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Webster, Smith and Harmon Inc., and the Tenant, Hubbard-Wilson. 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 2023-12-09.

The subject of this lease concerns the Partial unit 34B in Building 6 at the property located at 45939 Brian Road
Denisechester, NJ 87799. This Warehouse facility consists of the specified area and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-02-16, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $181,618.23. This figure is scheduled for an annual increase based on a 2.03% escalation rate. A security deposit of $363,236.46 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 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, Hubbard-Wilson 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 Webster, Smith and Harmon Inc.. Late payments of rent will accrue interest at a rate of 5.6% 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 10 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-2023-6468",
  "parties": {
    "lessor_details": {
      "name": "Webster, Smith and Harmon Inc.",
      "entity_type": "Limited Partnership",
      "address": "27649 West Viaduct Suite 832\nCisnerosburgh, ND 74433"
    },
    "lessee_details": {
      "name": "Hubbard-Wilson",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "45939 Brian Road\nDenisechester, NJ 87799",
    "property_type": "Warehouse",
    "lease_area_description": "Partial unit 34B in Building 6"
  },
  "lease_terms": {
    "effective_date": "2023-12-09",
    "commencement_date": "2024-02-16",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "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": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 181618.23,
      "annual_escalation_rate_percent": 2.03,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (6.61%)",
        "estimated_monthly_amount_usd": 27242.73
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (14.91%)",
        "estimated_monthly_amount_usd": 18161.82
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 363236.46,
    "late_payment_interest_rate_percent": 5.6
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Georgia",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Webster, Smith and Harmon Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Webster, Smith and Harmon Inc.",
        "Wright, Kirk and Williamson Mortgage Corp."
      ]
    }
  ]
}