<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-2024-9651
Status: Amended
Governing Jurisdiction: New Mexico

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Daniel-Martin Holdings, and the Tenant, Bernard Group. 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 2024-07-03.

The subject of this lease concerns the Partial unit 10B in Building 6 at the property located at 435 Karen Fords Apt. 622
Marychester, SC 19310. This Warehouse facility consists of approximately 25280 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-08-10, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $119,321.60. This figure is scheduled for an annual increase based on a 1.94% escalation rate. A security deposit of $119,321.60 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months. During any such renewal, the rent will be adjusted according to Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Bernard Group 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 Daniel-Martin Holdings. Late payments of rent will accrue interest at a rate of 16.7% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 90 days' notice and involves a penalty structured as 10 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-2024-9651",
  "parties": {
    "lessor_details": {
      "name": "Daniel-Martin Holdings",
      "entity_type": "Corporation",
      "address": "USCGC Hawkins\nFPO AP 66829"
    },
    "lessee_details": {
      "name": "Bernard Group",
      "entity_type": "LLC",
      "address": "673 Fritz Manors Apt. 863\nWest Teresa, MD 28877"
    }
  },
  "property_details": {
    "address": "435 Karen Fords Apt. 622\nMarychester, SC 19310",
    "property_type": "Warehouse",
    "lease_area_description": "Partial unit 10B in Building 6",
    "square_footage_sqft": 25280
  },
  "lease_terms": {
    "effective_date": "2024-07-03",
    "commencement_date": "2024-08-10",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 119321.6,
      "annual_escalation_rate_percent": 1.94,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (5.85%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (11.68%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 119321.6,
    "late_payment_interest_rate_percent": 16.7
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "New Mexico",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Daniel-Martin Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Daniel-Martin Holdings",
        "Ryan-Cole Mortgage Corp."
      ]
    }
  ]
}