<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-2024-1952
Status: Under Review
Governing Jurisdiction: California

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Smith and Sons Properties, and the Tenant, Bowman-Steele. 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 2024-04-23.

The subject of this lease concerns the Entire suite 15 in Building 5 at the property located at 69439 Peggy Ramp
Port Karenstad, IN 55406. This Office facility consists of the specified area and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-06-04, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $25,753.36. This figure is scheduled for an annual increase based on a 2.6% escalation rate. A security deposit of $51,506.72 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 Fair Market Value. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Bowman-Steele is required to maintain, at minimum, a Commercial General Liability policy of $5,000,000. The certificate of insurance must name all parties as stipulated, including Smith and Sons Properties. Late payments of rent will accrue interest at a rate of 17.9% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 90 days' notice and involves a penalty structured as 11 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-2024-1952",
  "parties": {
    "lessor_details": {
      "name": "Smith and Sons Properties",
      "entity_type": "Corporation",
      "address": "PSC 1941, Box 1166\nAPO AA 27555"
    },
    "lessee_details": {
      "name": "Bowman-Steele",
      "entity_type": "LLC",
      "address": "228 Adams Centers Suite 246\nLozanoside, KS 35765"
    }
  },
  "property_details": {
    "address": "69439 Peggy Ramp\nPort Karenstad, IN 55406",
    "property_type": "Office",
    "lease_area_description": "Entire suite 15 in Building 5"
  },
  "lease_terms": {
    "effective_date": "2024-04-23",
    "commencement_date": "2024-06-04",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "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": 25753.36,
      "annual_escalation_rate_percent": 2.6,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (15.81%)",
        "estimated_monthly_amount_usd": 3863.0
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (22.02%)",
        "estimated_monthly_amount_usd": 2575.34
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 51506.72,
    "late_payment_interest_rate_percent": 17.9
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "California",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Smith and Sons Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Smith and Sons Properties",
        "Long Ltd Mortgage Corp."
      ]
    }
  ]
}