<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-2023-5918
Status: Executed
Governing Jurisdiction: Massachusetts

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Dillon, Montes and Brooks Holdings, and the Tenant, Larson Inc. 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 2023-09-30.

The subject of this lease concerns the Entire unit 39A in Building 5 at the property located at 999 Penny Glen
Maryport, AS 21604. This Industrial facility consists of approximately 29683 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2023-11-03, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $93,897.22. This figure is scheduled for an annual increase based on a 3.42% escalation rate. A security deposit of $93,897.22 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 Fixed 3% annual increase. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Larson Inc 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 Dillon, Montes and Brooks Holdings. Late payments of rent will accrue interest at a rate of 14.9% per annum. Note the existence of a Landlord Recapture Right 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-2023-5918",
  "parties": {
    "lessor_details": {
      "name": "Dillon, Montes and Brooks Holdings",
      "entity_type": "Limited Partnership",
      "address": "680 Meyer Drive Suite 136\nNorth David, MN 47396"
    },
    "lessee_details": {
      "name": "Larson Inc",
      "entity_type": "S-Corp",
      "address": "87954 Andrew Ways Apt. 096\nNew Sarastad, MP 01354"
    }
  },
  "property_details": {
    "address": "999 Penny Glen\nMaryport, AS 21604",
    "property_type": "Industrial",
    "lease_area_description": "Entire unit 39A in Building 5",
    "square_footage_sqft": 29683
  },
  "lease_terms": {
    "effective_date": "2023-09-30",
    "commencement_date": "2023-11-03",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "8 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 93897.22,
      "annual_escalation_rate_percent": 3.42,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (23.51%)",
        "estimated_monthly_amount_usd": 14084.58
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (6.76%)",
        "estimated_monthly_amount_usd": 9389.72
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 93897.22,
    "late_payment_interest_rate_percent": 14.9
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Massachusetts",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Dillon, Montes and Brooks Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Dillon, Montes and Brooks Holdings",
        "Jones-Young Mortgage Corp."
      ]
    }
  ]
}