<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-2024-8985
Status: Draft
Governing Jurisdiction: North Dakota

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Hughes, Coleman and Yang Holdings, and the Tenant, Miller Inc. 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 2024-06-17.

The subject of this lease concerns the Partial floor 13A in Building 8 at the property located at 2056 Patricia Island
Eugeneport, ID 05062. This Office 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 2024-07-25, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $16,102.37. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $32,204.74 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Miller Inc 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 Hughes, Coleman and Yang Holdings. 

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-2024-8985",
  "parties": {
    "lessor_details": {
      "name": "Hughes, Coleman and Yang Holdings",
      "entity_type": "Corporation",
      "address": "8253 Smith Garden\nNew Autumnborough, KS 02713"
    },
    "lessee_details": {
      "name": "Miller Inc",
      "entity_type": "Corporation",
      "address": "64914 Christina Plaza Suite 203\nCollinsland, DE 29580"
    }
  },
  "property_details": {
    "address": "2056 Patricia Island\nEugeneport, ID 05062",
    "property_type": "Office",
    "lease_area_description": "Partial floor 13A in Building 8"
  },
  "lease_terms": {
    "effective_date": "2024-06-17",
    "commencement_date": "2024-07-25",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 16102.37,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (21.02%)",
        "estimated_monthly_amount_usd": 2415.36
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (23.41%)",
        "estimated_monthly_amount_usd": 1610.24
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 32204.74
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "North Dakota",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Hughes, Coleman and Yang Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Hughes, Coleman and Yang Holdings",
        "Gordon-Hall Mortgage Corp."
      ]
    }
  ]
}