<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-2024-2752
Status: Executed
Governing Jurisdiction: Connecticut

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Hale, Stewart and Turner LLC, and the Tenant, Smith, Morgan and Patterson. 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 2024-08-04.

The subject of this lease concerns the Entire unit 38A in Building 3 at the property located at 19529 Smith Stravenue Suite 156
Gallegosland, PR 98087. This Industrial facility consists of approximately 18280 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-09-30, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $80,782.37. This figure is scheduled for an annual increase based on a 2.6% escalation rate. A security deposit of $161,564.74 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months. 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, Smith, Morgan and Patterson 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 Hale, Stewart and Turner LLC. Late payments of rent will accrue interest at a rate of 5.0% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 60 days' notice and involves a penalty structured as 12 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-2024-2752",
  "parties": {
    "lessor_details": {
      "name": "Hale, Stewart and Turner LLC",
      "entity_type": "Limited Partnership",
      "address": "6224 Cortez Ville\nCampostown, WA 26065"
    },
    "lessee_details": {
      "name": "Smith, Morgan and Patterson",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "19529 Smith Stravenue Suite 156\nGallegosland, PR 98087",
    "property_type": "Industrial",
    "lease_area_description": "Entire unit 38A in Building 3",
    "square_footage_sqft": 18280
  },
  "lease_terms": {
    "effective_date": "2024-08-04",
    "commencement_date": "2024-09-30",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 80782.37,
      "annual_escalation_rate_percent": 2.6,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (16.28%)",
        "estimated_monthly_amount_usd": 12117.36
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (20.91%)",
        "estimated_monthly_amount_usd": 8078.24
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 161564.74,
    "late_payment_interest_rate_percent": 5.0
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Connecticut",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Hale, Stewart and Turner LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Hale, Stewart and Turner LLC",
        "Gutierrez-Riley Mortgage Corp."
      ]
    }
  ]
}