<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-2023-7261
Status: Under Review
Governing Jurisdiction: Maryland

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Johnson Group Properties, and the Tenant, Martin-Crawford. 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 2023-08-15.

The subject of this lease concerns the Partial suite 29 in Building 10 at the property located at 32476 Smith Wells Apt. 742
Patrickton, MT 04474. This Mixed-Use facility consists of approximately 14089 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-09-05, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $62,120.75. This figure is scheduled for an annual increase based on a 2.11% escalation rate. A security deposit of $124,241.50 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Martin-Crawford 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 Johnson Group Properties. Note the existence of a Co-tenancy Failure clause, which can be triggered with 90 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-2023-7261",
  "parties": {
    "lessor_details": {
      "name": "Johnson Group Properties",
      "entity_type": "LLC",
      "address": "521 Patricia Road Suite 118\nKellerbury, TX 22191"
    },
    "lessee_details": {
      "name": "Martin-Crawford",
      "entity_type": "LLC",
      "address": "PSC 8864, Box 3276\nAPO AP 93668"
    }
  },
  "property_details": {
    "address": "32476 Smith Wells Apt. 742\nPatrickton, MT 04474",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial suite 29 in Building 10",
    "square_footage_sqft": 14089
  },
  "lease_terms": {
    "effective_date": "2023-08-15",
    "commencement_date": "2023-09-05",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "6 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "4 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 62120.75,
      "annual_escalation_rate_percent": 2.11,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (6.10%)",
        "estimated_monthly_amount_usd": 9318.11
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (10.07%)",
        "estimated_monthly_amount_usd": 6212.08
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 124241.5
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Maryland",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Johnson Group Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Johnson Group Properties",
        "Bailey Group Mortgage Corp."
      ]
    }
  ]
}