<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-2024-6162
Status: Under Review
Governing Jurisdiction: Minnesota

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Davis-Robinson Inc., and the Tenant, Phillips, Chen and Garcia. 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 2024-03-22.

The subject of this lease concerns the Entire unit 17A in Building 9 at the property located at 02633 Myers Views Apt. 492
Gutierrezmouth, OH 15871. This Mixed-Use facility consists of approximately 47244 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-06-16, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $178,621.69. This figure is scheduled for an annual increase based on a 3.53% escalation rate. A security deposit of $357,243.38 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 365 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, Phillips, Chen and Garcia 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 Davis-Robinson Inc.. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 60 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-2024-6162",
  "parties": {
    "lessor_details": {
      "name": "Davis-Robinson Inc.",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Phillips, Chen and Garcia",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "02633 Myers Views Apt. 492\nGutierrezmouth, OH 15871",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire unit 17A in Building 9",
    "square_footage_sqft": 47244
  },
  "lease_terms": {
    "effective_date": "2024-03-22",
    "commencement_date": "2024-06-16",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 365
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 178621.69,
      "annual_escalation_rate_percent": 3.53,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (13.75%)",
        "estimated_monthly_amount_usd": 26793.25
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (5.35%)",
        "estimated_monthly_amount_usd": 17862.17
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 357243.38
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Minnesota",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Davis-Robinson Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Davis-Robinson Inc.",
        "Odom, Kelly and Stevens Mortgage Corp."
      ]
    }
  ]
}