<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-2024-5466
Status: Executed
Governing Jurisdiction: North Dakota

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Mckee-Allison Properties, and the Tenant, Wolf-Leonard. 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 2024-07-26.

The subject of this lease concerns the Partial unit 31 in Building 6 at the property located at Unit 1037 Box 0840
DPO AA 76692. This Industrial facility consists of the specified area and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-10-23, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $184,970.64. This figure is scheduled for an annual increase based on a 2.46% escalation rate. A security deposit of $184,970.64 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 is permitted subject to standard conditions.

Per section 10.1, Wolf-Leonard 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 Mckee-Allison Properties. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 90 days' notice and involves a penalty structured as 9 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-2024-5466",
  "parties": {
    "lessor_details": {
      "name": "Mckee-Allison Properties",
      "entity_type": "LLC",
      "address": "PSC 0946, Box 8238\nAPO AE 22141"
    },
    "lessee_details": {
      "name": "Wolf-Leonard",
      "entity_type": "LLC",
      "address": "3326 Alvarez Harbor\nLindaside, AZ 35323"
    }
  },
  "property_details": {
    "address": "Unit 1037 Box 0840\nDPO AA 76692",
    "property_type": "Industrial",
    "lease_area_description": "Partial unit 31 in Building 6"
  },
  "lease_terms": {
    "effective_date": "2024-07-26",
    "commencement_date": "2024-10-23",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 184970.64,
      "annual_escalation_rate_percent": 2.46,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (19.78%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (8.30%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 184970.64
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "North Dakota",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Mckee-Allison Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Mckee-Allison Properties",
        "Shaffer, Turner and Gordon Mortgage Corp."
      ]
    }
  ]
}