<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-2023-8455
Status: Executed
Governing Jurisdiction: Ohio

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Harper, Jackson and Powers Holdings, and the Tenant, Macias, Cox and Lester. 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 2023-09-15.

The subject of this lease concerns the Entire suite 47A in Building 3 at the property located at 45664 Brett Estates Apt. 046
Andersonhaven, OH 06406. This Retail facility consists of approximately 49786 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2023-11-06, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $166,036.31. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $332,072.62 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 Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Macias, Cox and Lester 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 Harper, Jackson and Powers Holdings. Late payments of rent will accrue interest at a rate of 8.3% per annum. 

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-2023-8455",
  "parties": {
    "lessor_details": {
      "name": "Harper, Jackson and Powers Holdings",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Macias, Cox and Lester",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "45664 Brett Estates Apt. 046\nAndersonhaven, OH 06406",
    "property_type": "Retail",
    "lease_area_description": "Entire suite 47A in Building 3",
    "square_footage_sqft": 49786
  },
  "lease_terms": {
    "effective_date": "2023-09-15",
    "commencement_date": "2023-11-06",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 166036.31,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (16.06%)",
        "estimated_monthly_amount_usd": 24905.45
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (20.31%)",
        "estimated_monthly_amount_usd": 16603.63
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 332072.62,
    "late_payment_interest_rate_percent": 8.3
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Ohio",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Harper, Jackson and Powers Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Harper, Jackson and Powers Holdings",
        "Smith PLC Mortgage Corp."
      ]
    }
  ]
}