<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-2023-6096
Status: Under Review
Governing Jurisdiction: Nebraska

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, May-Hendricks LLC, and the Tenant, Harris, Weaver and Wells. 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 2023-12-13.

The subject of this lease concerns the Partial suite 9B in Building 5 at the property located at 4278 Turner Divide Apt. 922
Lake Stephanieburgh, OR 22124. This Warehouse facility consists of approximately 37197 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-20, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $49,193.03. This figure is scheduled for an annual increase based on a 3.85% escalation rate. A security deposit of $98,386.06 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 90 days' prior notice. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Harris, Weaver and Wells 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 May-Hendricks LLC. Late payments of rent will accrue interest at a rate of 5.4% 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-2023-6096",
  "parties": {
    "lessor_details": {
      "name": "May-Hendricks LLC",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Harris, Weaver and Wells",
      "entity_type": "Corporation",
      "address": "492 Thompson Bypass Suite 258\nRosalestown, MI 85512"
    }
  },
  "property_details": {
    "address": "4278 Turner Divide Apt. 922\nLake Stephanieburgh, OR 22124",
    "property_type": "Warehouse",
    "lease_area_description": "Partial suite 9B in Building 5",
    "square_footage_sqft": 37197
  },
  "lease_terms": {
    "effective_date": "2023-12-13",
    "commencement_date": "2023-12-20",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 49193.03,
      "annual_escalation_rate_percent": 3.85,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (20.41%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (22.40%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 98386.06,
    "late_payment_interest_rate_percent": 5.4
  },
  "permitted_use": "Light manufacturing and assembly 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": [
        "May-Hendricks LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "May-Hendricks LLC",
        "Moore-Bailey Mortgage Corp."
      ]
    }
  ]
}