<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-2024-5952
Status: Under Review
Governing Jurisdiction: Hawaii

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Reynolds and Sons Properties, and the Tenant, Carson-Wood. 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 2024-05-04.

The subject of this lease concerns the Entire floor 47 in Building 8 at the property located at 17450 Quinn Field Apt. 714
Lydiaside, GU 01224. This Retail facility consists of approximately 43444 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-06, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $153,140.10. This figure is scheduled for an annual increase based on a 1.57% escalation rate. A security deposit of $306,280.20 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 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, Carson-Wood 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 Reynolds and Sons Properties. Late payments of rent will accrue interest at a rate of 9.4% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 60 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-2024-5952",
  "parties": {
    "lessor_details": {
      "name": "Reynolds and Sons Properties",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Carson-Wood",
      "entity_type": "Corporation"
    }
  },
  "property_details": {
    "address": "17450 Quinn Field Apt. 714\nLydiaside, GU 01224",
    "property_type": "Retail",
    "lease_area_description": "Entire floor 47 in Building 8",
    "square_footage_sqft": 43444
  },
  "lease_terms": {
    "effective_date": "2024-05-04",
    "commencement_date": "2024-05-06",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "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": 153140.1,
      "annual_escalation_rate_percent": 1.57,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (12.43%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (22.29%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 306280.2,
    "late_payment_interest_rate_percent": 9.4
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Hawaii",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Reynolds and Sons Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Reynolds and Sons Properties",
        "Miller PLC Mortgage Corp."
      ]
    }
  ]
}