<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-2024-9543
Status: Draft
Governing Jurisdiction: Nebraska

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Hall-Powers Properties, and the Tenant, Roth, Ross and Shea. 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 2024-03-19.

The subject of this lease concerns the Partial suite 8B in Building 1 at the property located at 980 Nicholas Squares
North Johnnyhaven, OK 25387. This Warehouse facility consists of approximately 41112 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-04-10, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $175,102.86. This figure is scheduled for an annual increase based on a 1.52% escalation rate. A security deposit of $175,102.86 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months. 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, Roth, Ross and Shea 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 Hall-Powers Properties. Late payments of rent will accrue interest at a rate of 8.5% per annum. 

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-2024-9543",
  "parties": {
    "lessor_details": {
      "name": "Hall-Powers Properties",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Roth, Ross and Shea",
      "entity_type": "S-Corp",
      "address": "37565 Carl Fords Apt. 224\nNorth Mia, FM 24036"
    }
  },
  "property_details": {
    "address": "980 Nicholas Squares\nNorth Johnnyhaven, OK 25387",
    "property_type": "Warehouse",
    "lease_area_description": "Partial suite 8B in Building 1",
    "square_footage_sqft": 41112
  },
  "lease_terms": {
    "effective_date": "2024-03-19",
    "commencement_date": "2024-04-10",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 175102.86,
      "annual_escalation_rate_percent": 1.52,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (15.89%)",
        "estimated_monthly_amount_usd": 26265.43
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (19.02%)",
        "estimated_monthly_amount_usd": 17510.29
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 175102.86,
    "late_payment_interest_rate_percent": 8.5
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Nebraska",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Hall-Powers Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Hall-Powers Properties",
        "Robbins, Johnson and Walters Mortgage Corp."
      ]
    }
  ]
}