<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-2024-5710
Status: Executed
Governing Jurisdiction: South Dakota

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Kaufman, Mcconnell and Jackson LLC, and the Tenant, Collins 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 2024-06-06.

The subject of this lease concerns the Entire floor 22 in Building 5 at the property located at 86039 Stewart Hill Apt. 473
Jonesview, KS 46291. This Retail facility consists of approximately 31430 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-06-20, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $71,136.57. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $142,273.14 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 365 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, Collins and Sons 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 Kaufman, Mcconnell and Jackson LLC. Late payments of rent will accrue interest at a rate of 12.5% 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 5 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-2024-5710",
  "parties": {
    "lessor_details": {
      "name": "Kaufman, Mcconnell and Jackson LLC",
      "entity_type": "Corporation",
      "address": "1497 Sarah Throughway Apt. 874\nMatthewschester, MO 71035"
    },
    "lessee_details": {
      "name": "Collins and Sons",
      "entity_type": "LLC",
      "address": "460 Lori Locks Apt. 511\nHarrisberg, CT 04115"
    }
  },
  "property_details": {
    "address": "86039 Stewart Hill Apt. 473\nJonesview, KS 46291",
    "property_type": "Retail",
    "lease_area_description": "Entire floor 22 in Building 5",
    "square_footage_sqft": 31430
  },
  "lease_terms": {
    "effective_date": "2024-06-06",
    "commencement_date": "2024-06-20",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "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": 71136.57,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (23.94%)",
        "estimated_monthly_amount_usd": 10670.49
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (9.32%)",
        "estimated_monthly_amount_usd": 7113.66
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 142273.14,
    "late_payment_interest_rate_percent": 12.5
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "South Dakota",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Kaufman, Mcconnell and Jackson LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Kaufman, Mcconnell and Jackson LLC",
        "Friedman Inc Mortgage Corp."
      ]
    }
  ]
}