<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-2023-9393
Status: Draft
Governing Jurisdiction: California

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Brown-Sullivan Inc., and the Tenant, Roberts-Osborne. 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 2023-12-04.

The subject of this lease concerns the Entire suite 15B in Building 5 at the property located at 324 Roberts Ford Suite 364
Wyatttown, WY 56715. This Industrial facility consists of approximately 37679 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-02-25, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $52,499.41. This figure is scheduled for an annual increase based on a 2.35% escalation rate. A security deposit of $52,499.41 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months. 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, Roberts-Osborne 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 Brown-Sullivan Inc.. Late payments of rent will accrue interest at a rate of 9.7% 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 11 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-2023-9393",
  "parties": {
    "lessor_details": {
      "name": "Brown-Sullivan Inc.",
      "entity_type": "Limited Partnership",
      "address": "670 Willie Mountain\nWest Heatherfurt, NC 46056"
    },
    "lessee_details": {
      "name": "Roberts-Osborne",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "324 Roberts Ford Suite 364\nWyatttown, WY 56715",
    "property_type": "Industrial",
    "lease_area_description": "Entire suite 15B in Building 5",
    "square_footage_sqft": 37679
  },
  "lease_terms": {
    "effective_date": "2023-12-04",
    "commencement_date": "2024-02-25",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 52499.41,
      "annual_escalation_rate_percent": 2.35,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (9.19%)",
        "estimated_monthly_amount_usd": 7874.91
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (17.81%)",
        "estimated_monthly_amount_usd": 5249.94
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 52499.41,
    "late_payment_interest_rate_percent": 9.7
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "California",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Brown-Sullivan Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Brown-Sullivan Inc.",
        "Hansen, Aguilar and Stuart Mortgage Corp."
      ]
    }
  ]
}