<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-2024-5180
Status: Under Review
Governing Jurisdiction: West Virginia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Bell, Thompson and Harris Properties, and the Tenant, Allen, Avila and Morgan. 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 2024-07-10.

The subject of this lease concerns the Entire suite 40B in Building 1 at the property located at 1111 Harris Garden
North Jasonhaven, HI 17313. This Retail facility consists of approximately 5043 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-09-24, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $18,911.25. This figure is scheduled for an annual increase based on a 2.11% escalation rate. A security deposit of $18,911.25 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, Allen, Avila and Morgan 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, Thompson and Harris Properties. Late payments of rent will accrue interest at a rate of 5.4% per annum. Note the existence of a Co-tenancy Failure 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-2024-5180",
  "parties": {
    "lessor_details": {
      "name": "Bell, Thompson and Harris Properties",
      "entity_type": "LLC",
      "address": "9678 Johnston Groves Suite 018\nHeatherburgh, MP 58042"
    },
    "lessee_details": {
      "name": "Allen, Avila and Morgan",
      "entity_type": "LLC",
      "address": "0374 David Locks\nValerieview, WV 26727"
    }
  },
  "property_details": {
    "address": "1111 Harris Garden\nNorth Jasonhaven, HI 17313",
    "property_type": "Retail",
    "lease_area_description": "Entire suite 40B in Building 1",
    "square_footage_sqft": 5043
  },
  "lease_terms": {
    "effective_date": "2024-07-10",
    "commencement_date": "2024-09-24",
    "initial_term_months": 84,
    "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": 270
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 18911.25,
      "annual_escalation_rate_percent": 2.11,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (12.31%)",
        "estimated_monthly_amount_usd": 2836.69
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (7.10%)",
        "estimated_monthly_amount_usd": 1891.12
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 18911.25,
    "late_payment_interest_rate_percent": 5.4
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "West Virginia",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Bell, Thompson and Harris Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Bell, Thompson and Harris Properties",
        "Guzman, Frey and Monroe Mortgage Corp."
      ]
    }
  ]
}