<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-2023-3273
Status: Draft
Governing Jurisdiction: Louisiana

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Wyatt, Ellison and Luna Properties, and the Tenant, Kim LLC. 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 2023-10-09.

The subject of this lease concerns the Entire suite 3 in Building 8 at the property located at Unit 7102 Box 0564
DPO AP 60490. This Industrial facility consists of approximately 6998 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-01, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $9,272.35. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $9,272.35 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 90 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, Kim LLC 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 Wyatt, Ellison and Luna Properties. Late payments of rent will accrue interest at a rate of 15.6% 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-2023-3273",
  "parties": {
    "lessor_details": {
      "name": "Wyatt, Ellison and Luna Properties",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Kim LLC",
      "entity_type": "Corporation"
    }
  },
  "property_details": {
    "address": "Unit 7102 Box 0564\nDPO AP 60490",
    "property_type": "Industrial",
    "lease_area_description": "Entire suite 3 in Building 8",
    "square_footage_sqft": 6998
  },
  "lease_terms": {
    "effective_date": "2023-10-09",
    "commencement_date": "2023-12-01",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "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": 9272.35,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.57%)",
        "estimated_monthly_amount_usd": 1390.85
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (14.92%)",
        "estimated_monthly_amount_usd": 927.24
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 9272.35,
    "late_payment_interest_rate_percent": 15.6
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Louisiana",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Wyatt, Ellison and Luna Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Wyatt, Ellison and Luna Properties",
        "Thomas Ltd Mortgage Corp."
      ]
    }
  ]
}