<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-2024-6766
Status: Executed
Governing Jurisdiction: New Jersey

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Hamilton and Sons Holdings, and the Tenant, Adams-Bass. 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 2024-02-27.

The subject of this lease concerns the Entire suite 23 in Building 1 at the property located at 718 Ross Pike Apt. 763
West Tylerside, RI 93966. This Retail facility consists of approximately 27603 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-29, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $108,226.76. This figure is scheduled for an annual increase based on a 2.88% escalation rate. A security deposit of $216,453.52 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 180 days' prior notice. During any such renewal, the rent will be adjusted according to CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Adams-Bass 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 Hamilton and Sons Holdings. Late payments of rent will accrue interest at a rate of 8.0% 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-2024-6766",
  "parties": {
    "lessor_details": {
      "name": "Hamilton and Sons Holdings",
      "entity_type": "LLC",
      "address": "8866 Chapman Fort\nNorth Paul, SC 80904"
    },
    "lessee_details": {
      "name": "Adams-Bass",
      "entity_type": "Corporation",
      "address": "9399 Sanchez Squares Suite 861\nVelazquezmouth, OR 75804"
    }
  },
  "property_details": {
    "address": "718 Ross Pike Apt. 763\nWest Tylerside, RI 93966",
    "property_type": "Retail",
    "lease_area_description": "Entire suite 23 in Building 1",
    "square_footage_sqft": 27603
  },
  "lease_terms": {
    "effective_date": "2024-02-27",
    "commencement_date": "2024-03-29",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 108226.76,
      "annual_escalation_rate_percent": 2.88,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (10.43%)",
        "estimated_monthly_amount_usd": 16234.01
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (21.39%)",
        "estimated_monthly_amount_usd": 10822.68
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 216453.52,
    "late_payment_interest_rate_percent": 8.0
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "New Jersey",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Hamilton and Sons Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Hamilton and Sons Holdings",
        "Clark LLC Mortgage Corp."
      ]
    }
  ]
}