<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-2024-4819
Status: Amended
Governing Jurisdiction: Hawaii

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Benton-Hill Inc., and the Tenant, Campbell, Hebert and Evans. 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 2024-04-18.

The subject of this lease concerns the Entire floor 46A in Building 7 at the property located at 035 Smith Motorway
South Lindsay, GU 28558. This Retail facility consists of approximately 36061 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-26, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $61,604.21. This figure is scheduled for an annual increase based on a 1.57% escalation rate. A security deposit of $123,208.42 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 Fixed 3% annual increase. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Campbell, Hebert and Evans 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 Benton-Hill Inc.. 

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-2024-4819",
  "parties": {
    "lessor_details": {
      "name": "Benton-Hill Inc.",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Campbell, Hebert and Evans",
      "entity_type": "Corporation"
    }
  },
  "property_details": {
    "address": "035 Smith Motorway\nSouth Lindsay, GU 28558",
    "property_type": "Retail",
    "lease_area_description": "Entire floor 46A in Building 7",
    "square_footage_sqft": 36061
  },
  "lease_terms": {
    "effective_date": "2024-04-18",
    "commencement_date": "2024-05-26",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 61604.21,
      "annual_escalation_rate_percent": 1.57,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (20.62%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (20.70%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 123208.42
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Hawaii",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Benton-Hill Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Benton-Hill Inc.",
        "Walker-Horton Mortgage Corp."
      ]
    }
  ]
}