<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-2024-1173
Status: Executed
Governing Jurisdiction: New Hampshire

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Reid, Miller and Lopez Properties, and the Tenant, Yates Ltd. 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 2024-02-28.

The subject of this lease concerns the Partial unit 4B in Building 6 at the property located at 5001 Donald Streets Suite 266
Andersonland, AL 45473. This Office facility consists of approximately 37721 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-10, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $73,241.61. This figure is scheduled for an annual increase based on a 1.76% escalation rate. A security deposit of $73,241.61 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 365 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, Yates Ltd 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 Reid, Miller and Lopez Properties. Note the existence of a Co-tenancy Failure clause, which can be triggered with 60 days' notice and involves a penalty structured as 3 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-2024-1173",
  "parties": {
    "lessor_details": {
      "name": "Reid, Miller and Lopez Properties",
      "entity_type": "Limited Partnership",
      "address": "39837 David Pine Apt. 367\nLewisfort, KS 23393"
    },
    "lessee_details": {
      "name": "Yates Ltd",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "5001 Donald Streets Suite 266\nAndersonland, AL 45473",
    "property_type": "Office",
    "lease_area_description": "Partial unit 4B in Building 6",
    "square_footage_sqft": 37721
  },
  "lease_terms": {
    "effective_date": "2024-02-28",
    "commencement_date": "2024-03-10",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 365
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "6 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 73241.61,
      "annual_escalation_rate_percent": 1.76,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.61%)",
        "estimated_monthly_amount_usd": 10986.24
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (20.66%)",
        "estimated_monthly_amount_usd": 7324.16
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 73241.61
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "New Hampshire",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Reid, Miller and Lopez Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Reid, Miller and Lopez Properties",
        "Gomez Ltd Mortgage Corp."
      ]
    }
  ]
}