<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-2023-1547
Status: Amended
Governing Jurisdiction: Michigan

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Allen-Rogers LLC, and the Tenant, Anderson PLC. 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 2023-10-20.

The subject of this lease concerns the Partial suite 34B in Building 1 at the property located at 9692 King Cliffs Suite 585
Wattshaven, CO 81267. This Mixed-Use facility consists of approximately 47011 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2023-11-15, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $183,577.95. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $367,155.90 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 180 days' prior notice. During any such renewal, the rent will be adjusted according to Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Anderson PLC is required to maintain, at minimum, a Commercial General Liability policy of $1,000,000. The certificate of insurance must name all parties as stipulated, including Allen-Rogers LLC. Late payments of rent will accrue interest at a rate of 16.9% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 60 days' notice and involves a penalty structured as 8 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-2023-1547",
  "parties": {
    "lessor_details": {
      "name": "Allen-Rogers LLC",
      "entity_type": "LLC",
      "address": "7613 Allen Villages\nNorth Cynthiaberg, SD 73508"
    },
    "lessee_details": {
      "name": "Anderson PLC",
      "entity_type": "LLC",
      "address": "4522 Castillo Meadows\nSouth Valerieland, NY 36153"
    }
  },
  "property_details": {
    "address": "9692 King Cliffs Suite 585\nWattshaven, CO 81267",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial suite 34B in Building 1",
    "square_footage_sqft": 47011
  },
  "lease_terms": {
    "effective_date": "2023-10-20",
    "commencement_date": "2023-11-15",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 180
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "8 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "6 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 183577.95,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (15.34%)",
        "estimated_monthly_amount_usd": 27536.69
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (16.15%)",
        "estimated_monthly_amount_usd": 18357.8
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 367155.9,
    "late_payment_interest_rate_percent": 16.9
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Michigan",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Allen-Rogers LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Allen-Rogers LLC",
        "Caldwell, Nichols and Santiago Mortgage Corp."
      ]
    }
  ]
}