<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-2023-3792
Status: Draft
Governing Jurisdiction: Kentucky

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Munoz, Hanson and Bailey Holdings, and the Tenant, Fischer, Foley and Williams. 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 2023-11-05.

The subject of this lease concerns the Partial floor 38 in Building 8 at the property located at 0659 Harris Route Apt. 308
Lake Jose, ID 01243. 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 2023-12-26, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $121,135.00. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $242,270.00 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 270 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, Fischer, Foley and Williams 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 Munoz, Hanson and Bailey Holdings. Late payments of rent will accrue interest at a rate of 9.3% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 180 days' notice and involves a penalty structured as 3 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-2023-3792",
  "parties": {
    "lessor_details": {
      "name": "Munoz, Hanson and Bailey Holdings",
      "entity_type": "Corporation",
      "address": "06471 Baker Isle\nWest Anthonyton, TN 85702"
    },
    "lessee_details": {
      "name": "Fischer, Foley and Williams",
      "entity_type": "S-Corp",
      "address": "PSC 9885, Box 1627\nAPO AE 87861"
    }
  },
  "property_details": {
    "address": "0659 Harris Route Apt. 308\nLake Jose, ID 01243",
    "property_type": "Industrial",
    "lease_area_description": "Partial floor 38 in Building 8"
  },
  "lease_terms": {
    "effective_date": "2023-11-05",
    "commencement_date": "2023-12-26",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 121135.0,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (24.27%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (21.21%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 242270.0,
    "late_payment_interest_rate_percent": 9.3
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Kentucky",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Munoz, Hanson and Bailey Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Munoz, Hanson and Bailey Holdings",
        "Davis, Thomas and Barrett Mortgage Corp."
      ]
    }
  ]
}