<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-2023-4667
Status: Under Review
Governing Jurisdiction: Delaware

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Hood, Gonzalez and Gillespie Properties, and the Tenant, Hebert, Green and Howard. 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 2023-12-11.

The subject of this lease concerns the Partial floor 4A in Building 4 at the property located at 744 Weaver Mission
Andrewton, DC 79997. This Retail facility consists of approximately 23485 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-26, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $83,958.88. This figure is scheduled for an annual increase based on a 2.49% escalation rate. A security deposit of $167,917.76 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 270 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, Hebert, Green and Howard 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 Hood, Gonzalez and Gillespie Properties. Late payments of rent will accrue interest at a rate of 16.6% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 60 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-2023-4667",
  "parties": {
    "lessor_details": {
      "name": "Hood, Gonzalez and Gillespie Properties",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Hebert, Green and Howard",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "744 Weaver Mission\nAndrewton, DC 79997",
    "property_type": "Retail",
    "lease_area_description": "Partial floor 4A in Building 4",
    "square_footage_sqft": 23485
  },
  "lease_terms": {
    "effective_date": "2023-12-11",
    "commencement_date": "2023-12-26",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 83958.88,
      "annual_escalation_rate_percent": 2.49,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (15.50%)",
        "estimated_monthly_amount_usd": 12593.83
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (16.33%)",
        "estimated_monthly_amount_usd": 8395.89
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 167917.76,
    "late_payment_interest_rate_percent": 16.6
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Delaware",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Hood, Gonzalez and Gillespie Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Hood, Gonzalez and Gillespie Properties",
        "Hill and Sons Mortgage Corp."
      ]
    }
  ]
}