<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-2024-3072
Status: Draft
Governing Jurisdiction: Washington

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Bell, Hart and Hall Properties, and the Tenant, Johnson 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 2024-01-10.

The subject of this lease concerns the Entire floor 9 in Building 2 at the property located at 00095 Joel Ridge Suite 433
Jonesburgh, WI 78499. This Mixed-Use facility consists of approximately 48502 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-02-15, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $88,354.48. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $176,708.96 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 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, Johnson Inc 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 Bell, Hart and Hall Properties. Late payments of rent will accrue interest at a rate of 16.5% per annum. Note the existence of a Landlord Recapture Right 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-2024-3072",
  "parties": {
    "lessor_details": {
      "name": "Bell, Hart and Hall Properties",
      "entity_type": "Limited Partnership",
      "address": "161 Justin Walk Suite 931\nNorth Ronnieborough, SC 11904"
    },
    "lessee_details": {
      "name": "Johnson Inc",
      "entity_type": "LLC",
      "address": "2743 Vasquez Parkways\nPort Alexanderberg, PA 45850"
    }
  },
  "property_details": {
    "address": "00095 Joel Ridge Suite 433\nJonesburgh, WI 78499",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire floor 9 in Building 2",
    "square_footage_sqft": 48502
  },
  "lease_terms": {
    "effective_date": "2024-01-10",
    "commencement_date": "2024-02-15",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "6 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 88354.48,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (20.58%)",
        "estimated_monthly_amount_usd": 13253.17
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (6.19%)",
        "estimated_monthly_amount_usd": 8835.45
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 176708.96,
    "late_payment_interest_rate_percent": 16.5
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Washington",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Bell, Hart and Hall Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Bell, Hart and Hall Properties",
        "Briggs, Cabrera and Hernandez Mortgage Corp."
      ]
    }
  ]
}