<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-2023-6199
Status: Draft
Governing Jurisdiction: Missouri

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Haley Ltd Ventures, and the Tenant, Miller 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 2023-09-07.

The subject of this lease concerns the Partial floor 9A in Building 9 at the property located at 65540 Hurst Street
Timothyburgh, DC 40670. This Warehouse facility consists of approximately 18796 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2023-09-28, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $62,637.67. This figure is scheduled for an annual increase based on a 2.26% escalation rate. A security deposit of $62,637.67 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 365 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, Miller 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 Haley Ltd Ventures. Late payments of rent will accrue interest at a rate of 12.8% 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 3 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-2023-6199",
  "parties": {
    "lessor_details": {
      "name": "Haley Ltd Ventures",
      "entity_type": "Corporation",
      "address": "759 Jones Isle\nLake Jessicachester, CT 48458"
    },
    "lessee_details": {
      "name": "Miller PLC",
      "entity_type": "S-Corp",
      "address": "206 Walker Valley\nEast John, NJ 06488"
    }
  },
  "property_details": {
    "address": "65540 Hurst Street\nTimothyburgh, DC 40670",
    "property_type": "Warehouse",
    "lease_area_description": "Partial floor 9A in Building 9",
    "square_footage_sqft": 18796
  },
  "lease_terms": {
    "effective_date": "2023-09-07",
    "commencement_date": "2023-09-28",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 365
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 62637.67,
      "annual_escalation_rate_percent": 2.26,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (14.13%)",
        "estimated_monthly_amount_usd": 9395.65
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (8.25%)",
        "estimated_monthly_amount_usd": 6263.77
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 62637.67,
    "late_payment_interest_rate_percent": 12.8
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Missouri",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Haley Ltd Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Haley Ltd Ventures",
        "Hawkins-Hood Mortgage Corp."
      ]
    }
  ]
}