<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-2023-2168
Status: Under Review
Governing Jurisdiction: Nevada

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Torres, Dixon and King Inc., and the Tenant, Sullivan, Barrett and Martinez. 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 2023-08-31.

The subject of this lease concerns the Partial unit 21A in Building 7 at the property located at 4861 Ronnie Fort
North Angelabury, KS 35393. This Industrial facility consists of approximately 45663 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-11-03, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $99,202.87. This figure is scheduled for an annual increase based on a 2.18% escalation rate. A security deposit of $99,202.87 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 Fixed 3% annual increase. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Sullivan, Barrett and Martinez 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 Torres, Dixon and King Inc.. Late payments of rent will accrue interest at a rate of 11.0% 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 12 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-2023-2168",
  "parties": {
    "lessor_details": {
      "name": "Torres, Dixon and King Inc.",
      "entity_type": "LLC",
      "address": "30712 Tina Fall\nLake Nicoleton, MN 34935"
    },
    "lessee_details": {
      "name": "Sullivan, Barrett and Martinez",
      "entity_type": "Corporation"
    }
  },
  "property_details": {
    "address": "4861 Ronnie Fort\nNorth Angelabury, KS 35393",
    "property_type": "Industrial",
    "lease_area_description": "Partial unit 21A in Building 7",
    "square_footage_sqft": 45663
  },
  "lease_terms": {
    "effective_date": "2023-08-31",
    "commencement_date": "2023-11-03",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 365
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 99202.87,
      "annual_escalation_rate_percent": 2.18,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (19.22%)",
        "estimated_monthly_amount_usd": 14880.43
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (18.15%)",
        "estimated_monthly_amount_usd": 9920.29
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 99202.87,
    "late_payment_interest_rate_percent": 11.0
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Nevada",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Torres, Dixon and King Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Torres, Dixon and King Inc.",
        "Knapp-Nelson Mortgage Corp."
      ]
    }
  ]
}