<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-2024-8887
Status: Amended
Governing Jurisdiction: Oregon

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Hill, Barber and Reese Inc., and the Tenant, King Inc. 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 2024-03-25.

The subject of this lease concerns the Partial suite 48A in Building 5 at the property located at 3094 Steven Inlet Apt. 882
Beckberg, WV 38377. This Retail facility consists of approximately 6241 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-03, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $15,337.26. This figure is scheduled for an annual increase based on a 1.82% escalation rate. A security deposit of $15,337.26 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 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 requires Landlord's explicit consent.

Per section 10.1, King Inc 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 Hill, Barber and Reese Inc.. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 90 days' notice and involves a penalty structured as 9 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-2024-8887",
  "parties": {
    "lessor_details": {
      "name": "Hill, Barber and Reese Inc.",
      "entity_type": "LLC",
      "address": "0152 Charles Estate\nGibsonburgh, ND 14358"
    },
    "lessee_details": {
      "name": "King Inc",
      "entity_type": "LLC",
      "address": "17311 Elizabeth Prairie\nThomasville, TN 09666"
    }
  },
  "property_details": {
    "address": "3094 Steven Inlet Apt. 882\nBeckberg, WV 38377",
    "property_type": "Retail",
    "lease_area_description": "Partial suite 48A in Building 5",
    "square_footage_sqft": 6241
  },
  "lease_terms": {
    "effective_date": "2024-03-25",
    "commencement_date": "2024-05-03",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 15337.26,
      "annual_escalation_rate_percent": 1.82,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (8.44%)",
        "estimated_monthly_amount_usd": 2300.59
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (20.68%)",
        "estimated_monthly_amount_usd": 1533.73
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 15337.26
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Oregon",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Hill, Barber and Reese Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Hill, Barber and Reese Inc.",
        "Fields Inc Mortgage Corp."
      ]
    }
  ]
}