<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-2024-7528
Status: Draft
Governing Jurisdiction: Rhode Island

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Hill, Greene and Miranda LLC, and the Tenant, Stafford, Moreno and Smith. 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 2024-03-08.

The subject of this lease concerns the Partial suite 23B in Building 2 at the property located at USS Wallace
FPO AP 34159. This Retail facility consists of the specified area and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-11, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $119,150.85. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $119,150.85 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 Fair Market Value. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Stafford, Moreno and Smith 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 Hill, Greene and Miranda LLC. Late payments of rent will accrue interest at a rate of 13.6% per annum. 

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-2024-7528",
  "parties": {
    "lessor_details": {
      "name": "Hill, Greene and Miranda LLC",
      "entity_type": "Corporation",
      "address": "8406 Rachel Manors Apt. 903\nRhondamouth, GU 94031"
    },
    "lessee_details": {
      "name": "Stafford, Moreno and Smith",
      "entity_type": "LLC",
      "address": "2499 Shelton Ports Suite 634\nWest Jesseside, AL 75846"
    }
  },
  "property_details": {
    "address": "USS Wallace\nFPO AP 34159",
    "property_type": "Retail",
    "lease_area_description": "Partial suite 23B in Building 2"
  },
  "lease_terms": {
    "effective_date": "2024-03-08",
    "commencement_date": "2024-05-11",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 119150.85,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (22.86%)",
        "estimated_monthly_amount_usd": 17872.63
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (9.47%)",
        "estimated_monthly_amount_usd": 11915.08
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 119150.85,
    "late_payment_interest_rate_percent": 13.6
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Rhode Island",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Hill, Greene and Miranda LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Hill, Greene and Miranda LLC",
        "Jefferson Ltd Mortgage Corp."
      ]
    }
  ]
}