<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-2024-7355
Status: Executed
Governing Jurisdiction: Mississippi

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Ellis, Rose and Ewing Inc., and the Tenant, Leonard Ltd. 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 2024-07-22.

The subject of this lease concerns the Partial suite 36B in Building 8 at the property located at 30867 Nelson Mountain
New Williamstad, NH 81149. This Industrial facility consists of approximately 40303 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-08-14, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $53,367.89. This figure is scheduled for an annual increase based on a 1.78% escalation rate. A security deposit of $106,735.78 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 365 days' prior notice. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Leonard Ltd 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 Ellis, Rose and Ewing Inc.. Late payments of rent will accrue interest at a rate of 15.1% 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-2024-7355",
  "parties": {
    "lessor_details": {
      "name": "Ellis, Rose and Ewing Inc.",
      "entity_type": "LLC",
      "address": "443 Pierce Fort\nColeland, FM 60660"
    },
    "lessee_details": {
      "name": "Leonard Ltd",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "30867 Nelson Mountain\nNew Williamstad, NH 81149",
    "property_type": "Industrial",
    "lease_area_description": "Partial suite 36B in Building 8",
    "square_footage_sqft": 40303
  },
  "lease_terms": {
    "effective_date": "2024-07-22",
    "commencement_date": "2024-08-14",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 365
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "6 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "4 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 53367.89,
      "annual_escalation_rate_percent": 1.78,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (18.51%)",
        "estimated_monthly_amount_usd": 8005.18
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (16.77%)",
        "estimated_monthly_amount_usd": 5336.79
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 106735.78,
    "late_payment_interest_rate_percent": 15.1
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Mississippi",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Ellis, Rose and Ewing Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Ellis, Rose and Ewing Inc.",
        "Kim, Thomas and Dominguez Mortgage Corp."
      ]
    }
  ]
}