<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-2024-6491
Status: Amended
Governing Jurisdiction: New Mexico

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Lucas and Sons LLC, and the Tenant, Perez, Long and Hunt. 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 2024-01-21.

The subject of this lease concerns the Entire suite 4A in Building 5 at the property located at 933 Hatfield Pass
South Jacquelinefurt, MN 73065. This Mixed-Use facility consists of approximately 29477 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-02-06, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $97,888.20. This figure is scheduled for an annual increase based on a 3.48% escalation rate. A security deposit of $97,888.20 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 180 days' prior notice. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Perez, Long and Hunt is required to maintain, at minimum, a Commercial General Liability policy of $1,000,000. The certificate of insurance must name all parties as stipulated, including Lucas and Sons LLC. Late payments of rent will accrue interest at a rate of 12.4% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 90 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-2024-6491",
  "parties": {
    "lessor_details": {
      "name": "Lucas and Sons LLC",
      "entity_type": "LLC",
      "address": "307 Carol Orchard\nLake Leetown, SD 33610"
    },
    "lessee_details": {
      "name": "Perez, Long and Hunt",
      "entity_type": "Corporation",
      "address": "44506 Brian Square Suite 626\nWest Jacob, ND 27198"
    }
  },
  "property_details": {
    "address": "933 Hatfield Pass\nSouth Jacquelinefurt, MN 73065",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire suite 4A in Building 5",
    "square_footage_sqft": 29477
  },
  "lease_terms": {
    "effective_date": "2024-01-21",
    "commencement_date": "2024-02-06",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 180
      },
      {
        "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": 90,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 97888.2,
      "annual_escalation_rate_percent": 3.48,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (10.29%)",
        "estimated_monthly_amount_usd": 14683.23
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (5.66%)",
        "estimated_monthly_amount_usd": 9788.82
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 97888.2,
    "late_payment_interest_rate_percent": 12.4
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "New Mexico",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Lucas and Sons LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Lucas and Sons LLC",
        "Davis-Sanders Mortgage Corp."
      ]
    }
  ]
}