<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-2023-7283
Status: Amended
Governing Jurisdiction: Maryland

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Jones, Mitchell and Pugh LLC, and the Tenant, Combs LLC. 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 2023-12-07.

The subject of this lease concerns the Partial floor 45B in Building 9 at the property located at Unit 7870 Box 8792
DPO AA 76236. This Industrial facility consists of approximately 10176 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-13, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $18,511.84. This figure is scheduled for an annual increase based on a 2.25% escalation rate. A security deposit of $18,511.84 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 requires Landlord's explicit consent.

Per section 10.1, Combs LLC 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 Jones, Mitchell and Pugh LLC. Note the existence of a Co-tenancy Failure clause, which can be triggered with 180 days' notice and involves a penalty structured as 4 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-2023-7283",
  "parties": {
    "lessor_details": {
      "name": "Jones, Mitchell and Pugh LLC",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Combs LLC",
      "entity_type": "LLC",
      "address": "54830 David Rapid Suite 615\nPort Denise, MD 94509"
    }
  },
  "property_details": {
    "address": "Unit 7870 Box 8792\nDPO AA 76236",
    "property_type": "Industrial",
    "lease_area_description": "Partial floor 45B in Building 9",
    "square_footage_sqft": 10176
  },
  "lease_terms": {
    "effective_date": "2023-12-07",
    "commencement_date": "2024-01-13",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 365
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "4 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "6 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 18511.84,
      "annual_escalation_rate_percent": 2.25,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (22.02%)",
        "estimated_monthly_amount_usd": 2776.78
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (22.49%)",
        "estimated_monthly_amount_usd": 1851.18
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 18511.84
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Maryland",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Jones, Mitchell and Pugh LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Jones, Mitchell and Pugh LLC",
        "Vasquez LLC Mortgage Corp."
      ]
    }
  ]
}