<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-2023-7628
Status: Draft
Governing Jurisdiction: Hawaii

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Leonard, Austin and Lara Properties, and the Tenant, Costa, Sanchez and Watkins. 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 2023-11-21.

The subject of this lease concerns the Entire unit 49A in Building 2 at the property located at 34944 Rachel Brook Apt. 164
Wilsonside, VA 03510. This Industrial facility consists of approximately 19465 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-29, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $46,164.49. This figure is scheduled for an annual increase based on a 3.97% escalation rate. A security deposit of $46,164.49 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 270 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, Costa, Sanchez and Watkins 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 Leonard, Austin and Lara Properties. Late payments of rent will accrue interest at a rate of 16.1% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 90 days' notice and involves a penalty structured as 5 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-2023-7628",
  "parties": {
    "lessor_details": {
      "name": "Leonard, Austin and Lara Properties",
      "entity_type": "LLC",
      "address": "183 Michael Ports\nTimothyhaven, MP 74898"
    },
    "lessee_details": {
      "name": "Costa, Sanchez and Watkins",
      "entity_type": "LLC",
      "address": "7743 Paul Run Suite 091\nThompsonbury, SD 99410"
    }
  },
  "property_details": {
    "address": "34944 Rachel Brook Apt. 164\nWilsonside, VA 03510",
    "property_type": "Industrial",
    "lease_area_description": "Entire unit 49A in Building 2",
    "square_footage_sqft": 19465
  },
  "lease_terms": {
    "effective_date": "2023-11-21",
    "commencement_date": "2024-01-29",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 46164.49,
      "annual_escalation_rate_percent": 3.97,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (20.78%)",
        "estimated_monthly_amount_usd": 6924.67
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (18.72%)",
        "estimated_monthly_amount_usd": 4616.45
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 46164.49,
    "late_payment_interest_rate_percent": 16.1
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Hawaii",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Leonard, Austin and Lara Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Leonard, Austin and Lara Properties",
        "Faulkner-Hunter Mortgage Corp."
      ]
    }
  ]
}