<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-2024-5029
Status: Executed
Governing Jurisdiction: New Hampshire

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Mcdaniel, Long and Strickland Inc., and the Tenant, Lee Inc. 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 2024-05-06.

The subject of this lease concerns the Entire floor 18A in Building 3 at the property located at Unit 7808 Box 4690
DPO AA 83669. This Industrial facility consists of the specified area and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-08-01, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $80,646.69. This figure is scheduled for an annual increase based on a 3.24% escalation rate. A security deposit of $161,293.38 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months. 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, Lee Inc 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 Mcdaniel, Long and Strickland Inc.. Late payments of rent will accrue interest at a rate of 10.6% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 90 days' notice and involves a penalty structured as 7 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-2024-5029",
  "parties": {
    "lessor_details": {
      "name": "Mcdaniel, Long and Strickland Inc.",
      "entity_type": "Limited Partnership",
      "address": "01026 Zachary Ramp Suite 372\nBeverlyfurt, WY 64730"
    },
    "lessee_details": {
      "name": "Lee Inc",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "Unit 7808 Box 4690\nDPO AA 83669",
    "property_type": "Industrial",
    "lease_area_description": "Entire floor 18A in Building 3"
  },
  "lease_terms": {
    "effective_date": "2024-05-06",
    "commencement_date": "2024-08-01",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 80646.69,
      "annual_escalation_rate_percent": 3.24,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (20.87%)",
        "estimated_monthly_amount_usd": 12097.0
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (9.96%)",
        "estimated_monthly_amount_usd": 8064.67
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 161293.38,
    "late_payment_interest_rate_percent": 10.6
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "New Hampshire",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Mcdaniel, Long and Strickland Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Mcdaniel, Long and Strickland Inc.",
        "Miles PLC Mortgage Corp."
      ]
    }
  ]
}