<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-2023-6343
Status: Executed
Governing Jurisdiction: Nevada

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Young-Edwards Properties, and the Tenant, Evans LLC. 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 2023-11-28.

The subject of this lease concerns the Partial unit 21A in Building 7 at the property located at USNV Anderson
FPO AP 04501. This Retail facility consists of the specified area and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-14, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $15,309.50. This figure is scheduled for an annual increase based on a 3.84% escalation rate. A security deposit of $30,619.00 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 270 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, Evans LLC 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 Young-Edwards Properties. Late payments of rent will accrue interest at a rate of 15.4% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 180 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-2023-6343",
  "parties": {
    "lessor_details": {
      "name": "Young-Edwards Properties",
      "entity_type": "Corporation",
      "address": "Unit 4546 Box 0342\nDPO AP 06960"
    },
    "lessee_details": {
      "name": "Evans LLC",
      "entity_type": "LLC",
      "address": "043 Randolph Mill\nWillieville, DC 41903"
    }
  },
  "property_details": {
    "address": "USNV Anderson\nFPO AP 04501",
    "property_type": "Retail",
    "lease_area_description": "Partial unit 21A in Building 7"
  },
  "lease_terms": {
    "effective_date": "2023-11-28",
    "commencement_date": "2024-01-14",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 15309.5,
      "annual_escalation_rate_percent": 3.84,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.25%)",
        "estimated_monthly_amount_usd": 2296.42
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (5.11%)",
        "estimated_monthly_amount_usd": 1530.95
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 30619.0,
    "late_payment_interest_rate_percent": 15.4
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Nevada",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Young-Edwards Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Young-Edwards Properties",
        "Aguilar, Montgomery and Bryan Mortgage Corp."
      ]
    }
  ]
}