<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-2023-4471
Status: Amended
Governing Jurisdiction: Minnesota

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Sawyer PLC LLC, and the Tenant, Hogan, Thomas and Warren. 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 2023-11-06.

The subject of this lease concerns the Entire unit 19 in Building 4 at the property located at 9732 Schwartz Way Suite 970
Lake Tina, TN 71567. This Industrial facility consists of the specified area and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-27, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $133,629.32. This figure is scheduled for an annual increase based on a 2.95% escalation rate. A security deposit of $133,629.32 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 270 days' prior notice. 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, Hogan, Thomas and Warren 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 Sawyer PLC LLC. Note the existence of a Landlord Recapture Right clause, which can be triggered with 90 days' notice and involves a penalty structured as 4 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-2023-4471",
  "parties": {
    "lessor_details": {
      "name": "Sawyer PLC LLC",
      "entity_type": "LLC",
      "address": "4109 Michael Lights Suite 636\nSouth Amanda, FM 34915"
    },
    "lessee_details": {
      "name": "Hogan, Thomas and Warren",
      "entity_type": "LLC",
      "address": "4997 Kelly Stream\nSouth Jessicastad, FL 70684"
    }
  },
  "property_details": {
    "address": "9732 Schwartz Way Suite 970\nLake Tina, TN 71567",
    "property_type": "Industrial",
    "lease_area_description": "Entire unit 19 in Building 4"
  },
  "lease_terms": {
    "effective_date": "2023-11-06",
    "commencement_date": "2024-01-27",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "4 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 133629.32,
      "annual_escalation_rate_percent": 2.95,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (10.03%)",
        "estimated_monthly_amount_usd": 20044.4
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (21.61%)",
        "estimated_monthly_amount_usd": 13362.93
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 133629.32
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Minnesota",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Sawyer PLC LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Sawyer PLC LLC",
        "Chase, Morales and Buchanan Mortgage Corp."
      ]
    }
  ]
}