<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-2024-3358
Status: Draft
Governing Jurisdiction: New York

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Bernard, Collins and Douglas LLC, and the Tenant, Carson-Pearson. 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 2024-06-23.

The subject of this lease concerns the Entire unit 36A in Building 5 at the property located at 46996 Walters Gateway Apt. 813
New Lauraport, KS 43238. This Warehouse facility consists of approximately 11528 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-09-05, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $49,580.01. This figure is scheduled for an annual increase based on a 3.39% escalation rate. A security deposit of $49,580.01 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 Fixed 3% annual increase. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Carson-Pearson 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 Bernard, Collins and Douglas LLC. Late payments of rent will accrue interest at a rate of 5.0% 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 9 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-2024-3358",
  "parties": {
    "lessor_details": {
      "name": "Bernard, Collins and Douglas LLC",
      "entity_type": "Limited Partnership",
      "address": "017 Karina Square Apt. 639\nColleenborough, AS 31240"
    },
    "lessee_details": {
      "name": "Carson-Pearson",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "46996 Walters Gateway Apt. 813\nNew Lauraport, KS 43238",
    "property_type": "Warehouse",
    "lease_area_description": "Entire unit 36A in Building 5",
    "square_footage_sqft": 11528
  },
  "lease_terms": {
    "effective_date": "2024-06-23",
    "commencement_date": "2024-09-05",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 49580.01,
      "annual_escalation_rate_percent": 3.39,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (7.40%)",
        "estimated_monthly_amount_usd": 7437.0
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (8.90%)",
        "estimated_monthly_amount_usd": 4958.0
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 49580.01,
    "late_payment_interest_rate_percent": 5.0
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "New York",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Bernard, Collins and Douglas LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Bernard, Collins and Douglas LLC",
        "Barrett-Harmon Mortgage Corp."
      ]
    }
  ]
}