<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-2023-8019
Status: Amended
Governing Jurisdiction: Michigan

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Macias, Hall and Berger Properties, and the Tenant, Jackson-Robles. 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 2023-09-04.

The subject of this lease concerns the Partial unit 35B in Building 5 at the property located at 36764 Stark Springs
Robertsside, GU 69313. This Warehouse facility consists of approximately 33035 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2023-09-25, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $119,228.82. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $119,228.82 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 90 days' prior notice. 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, Jackson-Robles 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 Macias, Hall and Berger Properties. Late payments of rent will accrue interest at a rate of 14.7% 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-2023-8019",
  "parties": {
    "lessor_details": {
      "name": "Macias, Hall and Berger Properties",
      "entity_type": "Limited Partnership",
      "address": "7958 Michael Court\nAmyport, AR 48136"
    },
    "lessee_details": {
      "name": "Jackson-Robles",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "36764 Stark Springs\nRobertsside, GU 69313",
    "property_type": "Warehouse",
    "lease_area_description": "Partial unit 35B in Building 5",
    "square_footage_sqft": 33035
  },
  "lease_terms": {
    "effective_date": "2023-09-04",
    "commencement_date": "2023-09-25",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 119228.82,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (5.74%)",
        "estimated_monthly_amount_usd": 17884.32
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (15.90%)",
        "estimated_monthly_amount_usd": 11922.88
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 119228.82,
    "late_payment_interest_rate_percent": 14.7
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Michigan",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Macias, Hall and Berger Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Macias, Hall and Berger Properties",
        "Wagner, Cook and Potter Mortgage Corp."
      ]
    }
  ]
}