<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-2023-7164
Status: Under Review
Governing Jurisdiction: Indiana

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Lang, Hill and May Holdings, and the Tenant, Anderson-Miller. 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 2023-11-23.

The subject of this lease concerns the Partial suite 50B in Building 1 at the property located at 3492 Nicholas Spring
Shawnville, TN 64058. This Retail facility consists of the specified area and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-31, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $36,290.18. This figure is scheduled for an annual increase based on a 1.81% escalation rate. A security deposit of $72,580.36 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months. 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, Anderson-Miller is required to maintain, at minimum, a Commercial General Liability policy of $2,000,000. The certificate of insurance must name all parties as stipulated, including Lang, Hill and May Holdings. Late payments of rent will accrue interest at a rate of 6.6% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 180 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-2023-7164",
  "parties": {
    "lessor_details": {
      "name": "Lang, Hill and May Holdings",
      "entity_type": "Limited Partnership",
      "address": "905 Nicholas Radial\nJacksonside, LA 22266"
    },
    "lessee_details": {
      "name": "Anderson-Miller",
      "entity_type": "LLC",
      "address": "309 Makayla Streets Suite 650\nSouth Tammy, ND 17580"
    }
  },
  "property_details": {
    "address": "3492 Nicholas Spring\nShawnville, TN 64058",
    "property_type": "Retail",
    "lease_area_description": "Partial suite 50B in Building 1"
  },
  "lease_terms": {
    "effective_date": "2023-11-23",
    "commencement_date": "2023-12-31",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "6 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 36290.18,
      "annual_escalation_rate_percent": 1.81,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (24.62%)",
        "estimated_monthly_amount_usd": 5443.53
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (16.90%)",
        "estimated_monthly_amount_usd": 3629.02
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 72580.36,
    "late_payment_interest_rate_percent": 6.6
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Indiana",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Lang, Hill and May Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Lang, Hill and May Holdings",
        "Lambert, Gomez and Arnold Mortgage Corp."
      ]
    }
  ]
}