<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-2024-4730
Status: Under Review
Governing Jurisdiction: Kansas

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Johnson, Parker and Fields Ventures, and the Tenant, Hernandez LLC. 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 2024-01-12.

The subject of this lease concerns the Partial suite 37 in Building 5 at the property located at 402 Karen Prairie
North Johnny, HI 38674. This Retail facility consists of approximately 49830 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-02-12, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $124,865.68. This figure is scheduled for an annual increase based on a 1.69% escalation rate. A security deposit of $124,865.68 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 90 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, Hernandez LLC 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 Johnson, Parker and Fields Ventures. Late payments of rent will accrue interest at a rate of 11.4% 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 6 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-2024-4730",
  "parties": {
    "lessor_details": {
      "name": "Johnson, Parker and Fields Ventures",
      "entity_type": "Corporation",
      "address": "Unit 6457 Box 7628\nDPO AA 39336"
    },
    "lessee_details": {
      "name": "Hernandez LLC",
      "entity_type": "Corporation",
      "address": "141 Jerry Harbor Apt. 193\nFergusonbury, MA 38623"
    }
  },
  "property_details": {
    "address": "402 Karen Prairie\nNorth Johnny, HI 38674",
    "property_type": "Retail",
    "lease_area_description": "Partial suite 37 in Building 5",
    "square_footage_sqft": 49830
  },
  "lease_terms": {
    "effective_date": "2024-01-12",
    "commencement_date": "2024-02-12",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "6 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 124865.68,
      "annual_escalation_rate_percent": 1.69,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (23.43%)",
        "estimated_monthly_amount_usd": 18729.85
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (22.79%)",
        "estimated_monthly_amount_usd": 12486.57
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 124865.68,
    "late_payment_interest_rate_percent": 11.4
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Kansas",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Johnson, Parker and Fields Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Johnson, Parker and Fields Ventures",
        "Henry, Butler and Garcia Mortgage Corp."
      ]
    }
  ]
}