<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-2024-8211
Status: Amended
Governing Jurisdiction: Illinois

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Johnson Group Inc., and the Tenant, Choi, Spears and Young. 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 2024-01-02.

The subject of this lease concerns the Partial suite 38 in Building 1 at the property located at 080 Lisa Plains Suite 343
Warrenside, AK 28249. This Mixed-Use facility consists of approximately 8482 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-17, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $31,588.38. This figure is scheduled for an annual increase based on a 2.62% escalation rate. A security deposit of $63,176.76 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 365 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 is permitted subject to standard conditions.

Per section 10.1, Choi, Spears and Young is required to maintain, at minimum, a Commercial General Liability policy of $5,000,000. The certificate of insurance must name all parties as stipulated, including Johnson Group Inc.. Late payments of rent will accrue interest at a rate of 9.0% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 180 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-2024-8211",
  "parties": {
    "lessor_details": {
      "name": "Johnson Group Inc.",
      "entity_type": "LLC",
      "address": "109 Jenkins Fall\nEast Roberthaven, MH 53337"
    },
    "lessee_details": {
      "name": "Choi, Spears and Young",
      "entity_type": "Corporation",
      "address": "72504 Reed Union Suite 360\nEast Samanthaville, OH 37797"
    }
  },
  "property_details": {
    "address": "080 Lisa Plains Suite 343\nWarrenside, AK 28249",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial suite 38 in Building 1",
    "square_footage_sqft": 8482
  },
  "lease_terms": {
    "effective_date": "2024-01-02",
    "commencement_date": "2024-01-17",
    "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%",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 31588.38,
      "annual_escalation_rate_percent": 2.62,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.90%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (14.25%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 63176.76,
    "late_payment_interest_rate_percent": 9.0
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Illinois",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Johnson Group Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Johnson Group Inc.",
        "Jones-Jones Mortgage Corp."
      ]
    }
  ]
}