<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-2023-2781
Status: Executed
Governing Jurisdiction: Michigan

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Bell-Levy Inc., and the Tenant, Grant-Adams. 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 2023-11-22.

The subject of this lease concerns the Entire unit 20B in Building 10 at the property located at 214 Lisa Brook Apt. 289
South Jamesburgh, SD 29212. This Mixed-Use facility consists of approximately 41365 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-02, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $199,448.24. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $199,448.24 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 270 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, Grant-Adams 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 Bell-Levy Inc.. Late payments of rent will accrue interest at a rate of 10.1% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 90 days' notice and involves a penalty structured as 9 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-2023-2781",
  "parties": {
    "lessor_details": {
      "name": "Bell-Levy Inc.",
      "entity_type": "LLC",
      "address": "4906 Gibson Shoals Apt. 346\nKellibury, KY 18349"
    },
    "lessee_details": {
      "name": "Grant-Adams",
      "entity_type": "LLC",
      "address": "17699 Daniel Walk\nJordanburgh, UT 87981"
    }
  },
  "property_details": {
    "address": "214 Lisa Brook Apt. 289\nSouth Jamesburgh, SD 29212",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire unit 20B in Building 10",
    "square_footage_sqft": 41365
  },
  "lease_terms": {
    "effective_date": "2023-11-22",
    "commencement_date": "2023-12-02",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 199448.24,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (20.35%)",
        "estimated_monthly_amount_usd": 29917.24
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (20.84%)",
        "estimated_monthly_amount_usd": 19944.82
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 199448.24,
    "late_payment_interest_rate_percent": 10.1
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Michigan",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Bell-Levy Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Bell-Levy Inc.",
        "Horton Ltd Mortgage Corp."
      ]
    }
  ]
}