<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-2024-1608
Status: Draft
Governing Jurisdiction: Iowa

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Morales, Smith and Lee Holdings, and the Tenant, Anderson, Hudson and Rocha. 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 2024-01-01.

The subject of this lease concerns the Entire floor 3A in Building 7 at the property located at 7221 Laura Plains
Masonbury, MP 11599. This Mixed-Use facility consists of the specified area and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-19, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $226,162.94. This figure is scheduled for an annual increase based on a 2.81% escalation rate. A security deposit of $226,162.94 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 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 is permitted subject to standard conditions.

Per section 10.1, Anderson, Hudson and Rocha 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 Morales, Smith and Lee Holdings. Late payments of rent will accrue interest at a rate of 7.0% per annum. 

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-2024-1608",
  "parties": {
    "lessor_details": {
      "name": "Morales, Smith and Lee Holdings",
      "entity_type": "Corporation",
      "address": "82178 Leonard Lakes Apt. 233\nNorth John, TN 41867"
    },
    "lessee_details": {
      "name": "Anderson, Hudson and Rocha",
      "entity_type": "S-Corp",
      "address": "34448 Eric Vista Suite 904\nNorth Alexanderville, HI 66743"
    }
  },
  "property_details": {
    "address": "7221 Laura Plains\nMasonbury, MP 11599",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire floor 3A in Building 7"
  },
  "lease_terms": {
    "effective_date": "2024-01-01",
    "commencement_date": "2024-01-19",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 226162.94,
      "annual_escalation_rate_percent": 2.81,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (16.30%)",
        "estimated_monthly_amount_usd": 33924.44
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (5.42%)",
        "estimated_monthly_amount_usd": 22616.29
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 226162.94,
    "late_payment_interest_rate_percent": 7.0
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Iowa",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Morales, Smith and Lee Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Morales, Smith and Lee Holdings",
        "Moore-Cohen Mortgage Corp."
      ]
    }
  ]
}