<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-2023-1872
Status: Draft
Governing Jurisdiction: Indiana

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Daniel, Hughes and Howell Ventures, and the Tenant, Robinson, Moore and Gibson. 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 2023-11-15.

The subject of this lease concerns the Partial suite 48A in Building 4 at the property located at 167 Samuel Village
Kellystad, MH 43544. This Mixed-Use facility consists of approximately 11029 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-27, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $39,290.81. This figure is scheduled for an annual increase based on a 3.14% escalation rate. A security deposit of $78,581.62 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 270 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 requires Landlord's explicit consent.

Per section 10.1, Robinson, Moore and Gibson 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 Daniel, Hughes and Howell Ventures. Note the existence of a Landlord Recapture Right clause, which can be triggered with 90 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-2023-1872",
  "parties": {
    "lessor_details": {
      "name": "Daniel, Hughes and Howell Ventures",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Robinson, Moore and Gibson",
      "entity_type": "S-Corp",
      "address": "52972 Lee Stravenue Suite 424\nNorth Yolanda, IA 90563"
    }
  },
  "property_details": {
    "address": "167 Samuel Village\nKellystad, MH 43544",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial suite 48A in Building 4",
    "square_footage_sqft": 11029
  },
  "lease_terms": {
    "effective_date": "2023-11-15",
    "commencement_date": "2023-12-27",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 39290.81,
      "annual_escalation_rate_percent": 3.14,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (14.88%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (22.58%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 78581.62
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Indiana",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Daniel, Hughes and Howell Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Daniel, Hughes and Howell Ventures",
        "Henderson-Gonzalez Mortgage Corp."
      ]
    }
  ]
}