<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-2024-7424
Status: Amended
Governing Jurisdiction: South Carolina

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Lopez, Mosley and Mitchell Inc., and the Tenant, Collins, Parker and Lopez. 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 2024-05-28.

The subject of this lease concerns the Partial unit 24B in Building 1 at the property located at 8757 Andrew Mills Suite 612
Jacksonfort, IA 70788. This Industrial facility consists of approximately 17422 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-07-15, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $52,817.70. This figure is scheduled for an annual increase based on a 2.59% escalation rate. A security deposit of $52,817.70 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 365 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 is permitted subject to standard conditions.

Per section 10.1, Collins, Parker and Lopez is required to maintain, at minimum, a Commercial General Liability policy of $5,000,000. The certificate of insurance must name all parties as stipulated, including Lopez, Mosley and Mitchell Inc.. Late payments of rent will accrue interest at a rate of 11.9% 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 10 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-2024-7424",
  "parties": {
    "lessor_details": {
      "name": "Lopez, Mosley and Mitchell Inc.",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Collins, Parker and Lopez",
      "entity_type": "S-Corp",
      "address": "PSC 1386, Box 0934\nAPO AP 76364"
    }
  },
  "property_details": {
    "address": "8757 Andrew Mills Suite 612\nJacksonfort, IA 70788",
    "property_type": "Industrial",
    "lease_area_description": "Partial unit 24B in Building 1",
    "square_footage_sqft": 17422
  },
  "lease_terms": {
    "effective_date": "2024-05-28",
    "commencement_date": "2024-07-15",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 52817.7,
      "annual_escalation_rate_percent": 2.59,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (13.99%)",
        "estimated_monthly_amount_usd": 7922.66
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (18.52%)",
        "estimated_monthly_amount_usd": 5281.77
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 52817.7,
    "late_payment_interest_rate_percent": 11.9
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "South Carolina",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Lopez, Mosley and Mitchell Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Lopez, Mosley and Mitchell Inc.",
        "Armstrong Group Mortgage Corp."
      ]
    }
  ]
}