<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-2023-4134
Status: Under Review
Governing Jurisdiction: Michigan

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Garcia, Henderson and Sullivan Inc., and the Tenant, Jenkins-Cooper. 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 2023-11-24.

The subject of this lease concerns the Entire unit 25 in Building 5 at the property located at 50599 Williams Summit
Robertstad, OK 78332. This Industrial facility consists of the specified area and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-03, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $83,888.92. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $167,777.84 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months. 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, Jenkins-Cooper is required to maintain, at minimum, a Commercial General Liability policy of $2,000,000. The certificate of insurance must name all parties as stipulated, including Garcia, Henderson and Sullivan Inc.. Note the existence of a Tenant Early Termination Option 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-2023-4134",
  "parties": {
    "lessor_details": {
      "name": "Garcia, Henderson and Sullivan Inc.",
      "entity_type": "Limited Partnership",
      "address": "71599 Michael Key Apt. 921\nWest Jorgeside, MO 61962"
    },
    "lessee_details": {
      "name": "Jenkins-Cooper",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "50599 Williams Summit\nRobertstad, OK 78332",
    "property_type": "Industrial",
    "lease_area_description": "Entire unit 25 in Building 5"
  },
  "lease_terms": {
    "effective_date": "2023-11-24",
    "commencement_date": "2024-01-03",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 83888.92,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (24.45%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (13.54%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 167777.84
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Michigan",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Garcia, Henderson and Sullivan Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Garcia, Henderson and Sullivan Inc.",
        "Stone, Klein and Jones Mortgage Corp."
      ]
    }
  ]
}