<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-2024-3070
Status: Under Review
Governing Jurisdiction: Hawaii

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Obrien, Sanchez and Brown Inc., and the Tenant, Sanchez, Pena and Nguyen. 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 2024-06-14.

The subject of this lease concerns the Partial floor 18 in Building 10 at the property located at 18253 Deborah Walks Suite 066
Lake Daniellehaven, IL 38260. This Warehouse facility consists of approximately 12924 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-08-04, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $58,621.11. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $58,621.11 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 270 days' prior notice. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Sanchez, Pena and Nguyen 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 Obrien, Sanchez and Brown Inc.. Note the existence of a Co-tenancy Failure clause, which can be triggered with 60 days' notice and involves a penalty structured as 8 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-2024-3070",
  "parties": {
    "lessor_details": {
      "name": "Obrien, Sanchez and Brown Inc.",
      "entity_type": "Corporation",
      "address": "USNS Johnson\nFPO AA 63499"
    },
    "lessee_details": {
      "name": "Sanchez, Pena and Nguyen",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "18253 Deborah Walks Suite 066\nLake Daniellehaven, IL 38260",
    "property_type": "Warehouse",
    "lease_area_description": "Partial floor 18 in Building 10",
    "square_footage_sqft": 12924
  },
  "lease_terms": {
    "effective_date": "2024-06-14",
    "commencement_date": "2024-08-04",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "8 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 58621.11,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (13.54%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (16.57%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 58621.11
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Hawaii",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Obrien, Sanchez and Brown Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Obrien, Sanchez and Brown Inc.",
        "Lowe, Phillips and Christensen Mortgage Corp."
      ]
    }
  ]
}