<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-2023-8395
Status: Under Review
Governing Jurisdiction: Wyoming

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Rodriguez-Kennedy Properties, and the Tenant, Pierce-Huffman. 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 2023-12-05.

The subject of this lease concerns the Partial unit 3A in Building 4 at the property located at 622 Campos Viaduct Suite 860
Peckfurt, WV 76250. This Office facility consists of approximately 5344 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-19, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $15,021.09. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $15,021.09 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 CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Pierce-Huffman 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 Rodriguez-Kennedy Properties. Late payments of rent will accrue interest at a rate of 8.9% per annum. 

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-2023-8395",
  "parties": {
    "lessor_details": {
      "name": "Rodriguez-Kennedy Properties",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Pierce-Huffman",
      "entity_type": "S-Corp",
      "address": "9358 Brandon Lake\nEast Meganton, MO 59058"
    }
  },
  "property_details": {
    "address": "622 Campos Viaduct Suite 860\nPeckfurt, WV 76250",
    "property_type": "Office",
    "lease_area_description": "Partial unit 3A in Building 4",
    "square_footage_sqft": 5344
  },
  "lease_terms": {
    "effective_date": "2023-12-05",
    "commencement_date": "2024-01-19",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 15021.09,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (22.51%)",
        "estimated_monthly_amount_usd": 2253.16
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (9.58%)",
        "estimated_monthly_amount_usd": 1502.11
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 15021.09,
    "late_payment_interest_rate_percent": 8.9
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Wyoming",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Rodriguez-Kennedy Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Rodriguez-Kennedy Properties",
        "Hodge and Sons Mortgage Corp."
      ]
    }
  ]
}