<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-2023-8830
Status: Amended
Governing Jurisdiction: Oklahoma

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Murphy, Jones and Smith LLC, and the Tenant, Brown-Hill. 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 2023-11-07.

The subject of this lease concerns the Partial unit 34B in Building 2 at the property located at 14990 Collier Coves
Randallshire, HI 52076. This Office facility consists of the specified area and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-02-02, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $54,755.03. This figure is scheduled for an annual increase based on a 2.78% escalation rate. A security deposit of $109,510.06 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 Fixed 3% annual increase. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Brown-Hill 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 Murphy, Jones and Smith LLC. 

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-2023-8830",
  "parties": {
    "lessor_details": {
      "name": "Murphy, Jones and Smith LLC",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Brown-Hill",
      "entity_type": "S-Corp",
      "address": "380 Cline Light\nSouth Brent, NE 40786"
    }
  },
  "property_details": {
    "address": "14990 Collier Coves\nRandallshire, HI 52076",
    "property_type": "Office",
    "lease_area_description": "Partial unit 34B in Building 2"
  },
  "lease_terms": {
    "effective_date": "2023-11-07",
    "commencement_date": "2024-02-02",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 54755.03,
      "annual_escalation_rate_percent": 2.78,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (12.70%)",
        "estimated_monthly_amount_usd": 8213.25
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (14.03%)",
        "estimated_monthly_amount_usd": 5475.5
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 109510.06
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Oklahoma",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Murphy, Jones and Smith LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Murphy, Jones and Smith LLC",
        "Cook-Jones Mortgage Corp."
      ]
    }
  ]
}