<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-2023-6658
Status: Draft
Governing Jurisdiction: Florida

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Donaldson, Ball and Perez Ventures, and the Tenant, Nichols Inc. 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 2023-11-27.

The subject of this lease concerns the Partial suite 43 in Building 7 at the property located at 552 Wells Loaf
Matthewtown, ND 56098. This Industrial facility consists of approximately 14872 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-23, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $52,498.16. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $104,996.32 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 is permitted subject to standard conditions.

Per section 10.1, Nichols Inc 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 Donaldson, Ball and Perez Ventures. Late payments of rent will accrue interest at a rate of 9.3% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 90 days' notice and involves a penalty structured as 3 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-2023-6658",
  "parties": {
    "lessor_details": {
      "name": "Donaldson, Ball and Perez Ventures",
      "entity_type": "LLC",
      "address": "7114 Nicholas Lakes\nMcconnellfort, NY 98445"
    },
    "lessee_details": {
      "name": "Nichols Inc",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "552 Wells Loaf\nMatthewtown, ND 56098",
    "property_type": "Industrial",
    "lease_area_description": "Partial suite 43 in Building 7",
    "square_footage_sqft": 14872
  },
  "lease_terms": {
    "effective_date": "2023-11-27",
    "commencement_date": "2023-12-23",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 52498.16,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (13.06%)",
        "estimated_monthly_amount_usd": 7874.72
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (21.70%)",
        "estimated_monthly_amount_usd": 5249.82
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 104996.32,
    "late_payment_interest_rate_percent": 9.3
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Florida",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Donaldson, Ball and Perez Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Donaldson, Ball and Perez Ventures",
        "Adams Ltd Mortgage Corp."
      ]
    }
  ]
}