<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-2024-3301
Status: Draft
Governing Jurisdiction: Tennessee

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Hudson, Porter and Lucas Ventures, and the Tenant, Ramsey and Sons. 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 2024-06-13.

The subject of this lease concerns the Partial suite 17 in Building 8 at the property located at 76022 Larry Creek
North Robert, LA 60828. This Retail facility consists of approximately 3198 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-08-14, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $11,403.53. This figure is scheduled for an annual increase based on a 3.74% escalation rate. A security deposit of $22,807.06 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 90 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, Ramsey and Sons 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 Hudson, Porter and Lucas Ventures. Late payments of rent will accrue interest at a rate of 6.1% per annum. 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-2024-3301",
  "parties": {
    "lessor_details": {
      "name": "Hudson, Porter and Lucas Ventures",
      "entity_type": "LLC",
      "address": "2941 Paul Fords\nSouth Kathleenchester, KS 81706"
    },
    "lessee_details": {
      "name": "Ramsey and Sons",
      "entity_type": "Corporation",
      "address": "341 Tracy Greens\nWest Loristad, IN 21156"
    }
  },
  "property_details": {
    "address": "76022 Larry Creek\nNorth Robert, LA 60828",
    "property_type": "Retail",
    "lease_area_description": "Partial suite 17 in Building 8",
    "square_footage_sqft": 3198
  },
  "lease_terms": {
    "effective_date": "2024-06-13",
    "commencement_date": "2024-08-14",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "9 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": 11403.53,
      "annual_escalation_rate_percent": 3.74,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (20.37%)",
        "estimated_monthly_amount_usd": 1710.53
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (18.26%)",
        "estimated_monthly_amount_usd": 1140.35
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 22807.06,
    "late_payment_interest_rate_percent": 6.1
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Tennessee",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Hudson, Porter and Lucas Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Hudson, Porter and Lucas Ventures",
        "Mcneil-Rivera Mortgage Corp."
      ]
    }
  ]
}