<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-2024-1266
Status: Under Review
Governing Jurisdiction: South Carolina

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Hudson-Mcclure Properties, and the Tenant, Benson Inc. 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 2024-08-11.

The subject of this lease concerns the Entire unit 8B in Building 2 at the property located at 171 Martinez Stream
East Andrew, DC 55251. This Mixed-Use facility consists of the specified area and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-08-31, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $69,007.05. This figure is scheduled for an annual increase based on a 3.24% escalation rate. A security deposit of $69,007.05 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 CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Benson Inc 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 Hudson-Mcclure Properties. Note the existence of a Co-tenancy Failure clause, which can be triggered with 90 days' notice and involves a penalty structured as 4 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-2024-1266",
  "parties": {
    "lessor_details": {
      "name": "Hudson-Mcclure Properties",
      "entity_type": "Limited Partnership",
      "address": "Unit 1887 Box 3618\nDPO AP 35358"
    },
    "lessee_details": {
      "name": "Benson Inc",
      "entity_type": "LLC",
      "address": "5103 Anderson Park Apt. 364\nLake Dylan, WI 33428"
    }
  },
  "property_details": {
    "address": "171 Martinez Stream\nEast Andrew, DC 55251",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire unit 8B in Building 2"
  },
  "lease_terms": {
    "effective_date": "2024-08-11",
    "commencement_date": "2024-08-31",
    "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": 365
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "4 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 69007.05,
      "annual_escalation_rate_percent": 3.24,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (8.64%)",
        "estimated_monthly_amount_usd": 10351.06
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (23.98%)",
        "estimated_monthly_amount_usd": 6900.7
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 69007.05
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "South Carolina",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Hudson-Mcclure Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Hudson-Mcclure Properties",
        "Potter-Moreno Mortgage Corp."
      ]
    }
  ]
}