<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-2024-4100
Status: Amended
Governing Jurisdiction: Missouri

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Mcgee-Evans Holdings, and the Tenant, Finley 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 2024-03-10.

The subject of this lease concerns the Entire unit 14A in Building 10 at the property located at Unit 6981 Box 9103
DPO AP 70598. This Retail facility consists of approximately 40759 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-06, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $167,383.63. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $167,383.63 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 180 days' prior notice. 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 is permitted subject to standard conditions.

Per section 10.1, Finley and Sons is required to maintain, at minimum, a Commercial General Liability policy of $5,000,000. The certificate of insurance must name all parties as stipulated, including Mcgee-Evans Holdings. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 60 days' notice and involves a penalty structured as 8 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-2024-4100",
  "parties": {
    "lessor_details": {
      "name": "Mcgee-Evans Holdings",
      "entity_type": "Limited Partnership",
      "address": "0220 Sawyer Plains\nChambersstad, NM 09590"
    },
    "lessee_details": {
      "name": "Finley and Sons",
      "entity_type": "Corporation",
      "address": "48109 Stephen Corners\nJohnside, PR 62430"
    }
  },
  "property_details": {
    "address": "Unit 6981 Box 9103\nDPO AP 70598",
    "property_type": "Retail",
    "lease_area_description": "Entire unit 14A in Building 10",
    "square_footage_sqft": 40759
  },
  "lease_terms": {
    "effective_date": "2024-03-10",
    "commencement_date": "2024-05-06",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "8 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 167383.63,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (13.24%)",
        "estimated_monthly_amount_usd": 25107.54
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (20.88%)",
        "estimated_monthly_amount_usd": 16738.36
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 167383.63
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Missouri",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Mcgee-Evans Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Mcgee-Evans Holdings",
        "Adams LLC Mortgage Corp."
      ]
    }
  ]
}