<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-2023-6222
Status: Executed
Governing Jurisdiction: Missouri

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Hernandez, Wallace and Reynolds Properties, and the Tenant, Smith, Rodriguez and Perry. 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 2023-09-10.

The subject of this lease concerns the Entire unit 24 in Building 5 at the property located at 6946 Fisher Mills
New David, MO 72353. This Warehouse facility consists of approximately 8358 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-11-19, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $22,928.78. This figure is scheduled for an annual increase based on a 3.07% escalation rate. A security deposit of $22,928.78 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 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 requires Landlord's explicit consent.

Per section 10.1, Smith, Rodriguez and Perry 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 Hernandez, Wallace and Reynolds Properties. Note the existence of a Landlord Recapture Right clause, which can be triggered with 180 days' notice and involves a penalty structured as 5 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-2023-6222",
  "parties": {
    "lessor_details": {
      "name": "Hernandez, Wallace and Reynolds Properties",
      "entity_type": "Limited Partnership",
      "address": "621 James Radial\nSheltonbury, DE 11635"
    },
    "lessee_details": {
      "name": "Smith, Rodriguez and Perry",
      "entity_type": "LLC",
      "address": "13273 Shelton Trail Apt. 735\nHuberbury, SD 17967"
    }
  },
  "property_details": {
    "address": "6946 Fisher Mills\nNew David, MO 72353",
    "property_type": "Warehouse",
    "lease_area_description": "Entire unit 24 in Building 5",
    "square_footage_sqft": 8358
  },
  "lease_terms": {
    "effective_date": "2023-09-10",
    "commencement_date": "2023-11-19",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "8 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 22928.78,
      "annual_escalation_rate_percent": 3.07,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (18.32%)",
        "estimated_monthly_amount_usd": 3439.32
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (11.34%)",
        "estimated_monthly_amount_usd": 2292.88
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 22928.78
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Missouri",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Hernandez, Wallace and Reynolds Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Hernandez, Wallace and Reynolds Properties",
        "Davis, Gilmore and Peterson Mortgage Corp."
      ]
    }
  ]
}