<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-2023-7172
Status: Under Review
Governing Jurisdiction: Nebraska

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Frank-Simpson Properties, and the Tenant, Rhodes, Roach and Bates. 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 2023-11-04.

The subject of this lease concerns the Partial floor 1A in Building 2 at the property located at 677 Ashley Forge
South Jason, ME 43792. This Warehouse facility consists of approximately 22043 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2023-11-22, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $101,636.60. This figure is scheduled for an annual increase based on a 2.75% escalation rate. A security deposit of $101,636.60 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 CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Rhodes, Roach and Bates is required to maintain, at minimum, a Commercial General Liability policy of $2,000,000. The certificate of insurance must name all parties as stipulated, including Frank-Simpson Properties. Late payments of rent will accrue interest at a rate of 5.0% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 90 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-2023-7172",
  "parties": {
    "lessor_details": {
      "name": "Frank-Simpson Properties",
      "entity_type": "LLC",
      "address": "75784 Winters Green Apt. 763\nMartinton, CT 48488"
    },
    "lessee_details": {
      "name": "Rhodes, Roach and Bates",
      "entity_type": "S-Corp",
      "address": "824 Kristopher Spurs Suite 044\nSouth Jesseberg, WA 23541"
    }
  },
  "property_details": {
    "address": "677 Ashley Forge\nSouth Jason, ME 43792",
    "property_type": "Warehouse",
    "lease_area_description": "Partial floor 1A in Building 2",
    "square_footage_sqft": 22043
  },
  "lease_terms": {
    "effective_date": "2023-11-04",
    "commencement_date": "2023-11-22",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 101636.6,
      "annual_escalation_rate_percent": 2.75,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.56%)",
        "estimated_monthly_amount_usd": 15245.49
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (12.43%)",
        "estimated_monthly_amount_usd": 10163.66
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 101636.6,
    "late_payment_interest_rate_percent": 5.0
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Nebraska",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Frank-Simpson Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Frank-Simpson Properties",
        "Welch-Anderson Mortgage Corp."
      ]
    }
  ]
}