<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-2024-4987
Status: Executed
Governing Jurisdiction: North Dakota

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Larson, Griffin and Baker Inc., and the Tenant, Bennett, Garza and Brown. 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 2024-05-14.

The subject of this lease concerns the Entire suite 29 in Building 10 at the property located at 60418 David Forge
Patelmouth, MD 64871. This Mixed-Use facility consists of approximately 49801 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-19, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $188,828.79. This figure is scheduled for an annual increase based on a 2.16% escalation rate. A security deposit of $188,828.79 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, Bennett, Garza and Brown 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 Larson, Griffin and Baker Inc.. Late payments of rent will accrue interest at a rate of 11.5% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 180 days' notice and involves a penalty structured as 7 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-2024-4987",
  "parties": {
    "lessor_details": {
      "name": "Larson, Griffin and Baker Inc.",
      "entity_type": "LLC",
      "address": "082 Susan Springs\nWest Christina, SD 65794"
    },
    "lessee_details": {
      "name": "Bennett, Garza and Brown",
      "entity_type": "Corporation",
      "address": "740 Manuel Spurs\nNorth Michaelberg, IL 45815"
    }
  },
  "property_details": {
    "address": "60418 David Forge\nPatelmouth, MD 64871",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire suite 29 in Building 10",
    "square_footage_sqft": 49801
  },
  "lease_terms": {
    "effective_date": "2024-05-14",
    "commencement_date": "2024-05-19",
    "initial_term_months": 60,
    "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": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 188828.79,
      "annual_escalation_rate_percent": 2.16,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (8.66%)",
        "estimated_monthly_amount_usd": 28324.32
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (24.74%)",
        "estimated_monthly_amount_usd": 18882.88
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 188828.79,
    "late_payment_interest_rate_percent": 11.5
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "North Dakota",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Larson, Griffin and Baker Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Larson, Griffin and Baker Inc.",
        "Robinson, Jackson and Mitchell Mortgage Corp."
      ]
    }
  ]
}