<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-2024-8336
Status: Executed
Governing Jurisdiction: Colorado

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Davis, Mitchell and Hawkins Inc., and the Tenant, Weaver Group. 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 2024-05-07.

The subject of this lease concerns the Entire floor 43A in Building 6 at the property located at 84571 Black Land
Howardbury, NE 76408. This Retail facility consists of approximately 21989 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-24, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $84,492.73. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $168,985.46 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 180 days' prior notice. During any such renewal, the rent will be adjusted according to CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Weaver Group 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 Davis, Mitchell and Hawkins Inc.. Late payments of rent will accrue interest at a rate of 8.2% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 60 days' notice and involves a penalty structured as 4 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-2024-8336",
  "parties": {
    "lessor_details": {
      "name": "Davis, Mitchell and Hawkins Inc.",
      "entity_type": "LLC",
      "address": "8965 Gutierrez Glen Suite 452\nCastilloshire, GA 94316"
    },
    "lessee_details": {
      "name": "Weaver Group",
      "entity_type": "S-Corp",
      "address": "6260 Rodriguez Villages Suite 405\nLake Kathryn, KY 86018"
    }
  },
  "property_details": {
    "address": "84571 Black Land\nHowardbury, NE 76408",
    "property_type": "Retail",
    "lease_area_description": "Entire floor 43A in Building 6",
    "square_footage_sqft": 21989
  },
  "lease_terms": {
    "effective_date": "2024-05-07",
    "commencement_date": "2024-05-24",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "4 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "4 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 84492.73,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (6.76%)",
        "estimated_monthly_amount_usd": 12673.91
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (13.00%)",
        "estimated_monthly_amount_usd": 8449.27
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 168985.46,
    "late_payment_interest_rate_percent": 8.2
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Colorado",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Davis, Mitchell and Hawkins Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Davis, Mitchell and Hawkins Inc.",
        "Peterson-Oneill Mortgage Corp."
      ]
    }
  ]
}