<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-2023-6009
Status: Under Review
Governing Jurisdiction: Oklahoma

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Underwood, Mccormick and Johnson Properties, and the Tenant, Myers Inc. 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 2023-11-30.

The subject of this lease concerns the Entire floor 21 in Building 8 at the property located at 0826 Michael Course Apt. 206
Port Francis, VI 28890. This Industrial facility consists of approximately 31102 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-02, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $91,802.74. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $91,802.74 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 90 days' prior notice. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Myers Inc 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 Underwood, Mccormick and Johnson Properties. Late payments of rent will accrue interest at a rate of 12.9% 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 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-2023-6009",
  "parties": {
    "lessor_details": {
      "name": "Underwood, Mccormick and Johnson Properties",
      "entity_type": "Corporation",
      "address": "44214 Linda Mountains\nLarryside, HI 77707"
    },
    "lessee_details": {
      "name": "Myers Inc",
      "entity_type": "Corporation",
      "address": "709 Kramer Passage Suite 660\nDonaldside, WA 54562"
    }
  },
  "property_details": {
    "address": "0826 Michael Course Apt. 206\nPort Francis, VI 28890",
    "property_type": "Industrial",
    "lease_area_description": "Entire floor 21 in Building 8",
    "square_footage_sqft": 31102
  },
  "lease_terms": {
    "effective_date": "2023-11-30",
    "commencement_date": "2024-01-02",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      },
      {
        "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": 91802.74,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.76%)",
        "estimated_monthly_amount_usd": 13770.41
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (14.72%)",
        "estimated_monthly_amount_usd": 9180.27
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 91802.74,
    "late_payment_interest_rate_percent": 12.9
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Oklahoma",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Underwood, Mccormick and Johnson Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Underwood, Mccormick and Johnson Properties",
        "Fields-Bryan Mortgage Corp."
      ]
    }
  ]
}