<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-2023-8136
Status: Amended
Governing Jurisdiction: Missouri

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Henson-Thomas Inc., and the Tenant, Clark, Wagner and Richard. 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 2023-11-01.

The subject of this lease concerns the Partial suite 13A in Building 10 at the property located at 785 Scott Spur
Carolfurt, VI 32389. This Retail facility consists of approximately 30359 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-11-29, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $136,387.81. This figure is scheduled for an annual increase based on a 2.47% escalation rate. A security deposit of $272,775.62 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, Clark, Wagner and Richard 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 Henson-Thomas Inc.. Late payments of rent will accrue interest at a rate of 12.8% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 180 days' notice and involves a penalty structured as 5 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-2023-8136",
  "parties": {
    "lessor_details": {
      "name": "Henson-Thomas Inc.",
      "entity_type": "Corporation",
      "address": "7681 Debra Road\nSchmidttown, ID 72273"
    },
    "lessee_details": {
      "name": "Clark, Wagner and Richard",
      "entity_type": "S-Corp",
      "address": "651 Bradley Extension\nNorth Shelbyview, OH 70731"
    }
  },
  "property_details": {
    "address": "785 Scott Spur\nCarolfurt, VI 32389",
    "property_type": "Retail",
    "lease_area_description": "Partial suite 13A in Building 10",
    "square_footage_sqft": 30359
  },
  "lease_terms": {
    "effective_date": "2023-11-01",
    "commencement_date": "2023-11-29",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 136387.81,
      "annual_escalation_rate_percent": 2.47,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (16.16%)",
        "estimated_monthly_amount_usd": 20458.17
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (18.19%)",
        "estimated_monthly_amount_usd": 13638.78
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 272775.62,
    "late_payment_interest_rate_percent": 12.8
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Missouri",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Henson-Thomas Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Henson-Thomas Inc.",
        "Peterson, Garner and Bryan Mortgage Corp."
      ]
    }
  ]
}