<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-2024-1442
Status: Draft
Governing Jurisdiction: Indiana

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Palmer-Johnson Holdings, and the Tenant, Patterson-Craig. 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 2024-04-16.

The subject of this lease concerns the Partial unit 34 in Building 10 at the property located at 9266 Tiffany Oval Suite 105
Fosterborough, WY 57757. This Office facility consists of approximately 35450 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-06-09, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $79,526.17. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $159,052.34 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 270 days' prior notice. 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, Patterson-Craig 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 Palmer-Johnson Holdings. Late payments of rent will accrue interest at a rate of 5.4% 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-2024-1442",
  "parties": {
    "lessor_details": {
      "name": "Palmer-Johnson Holdings",
      "entity_type": "Corporation",
      "address": "290 Hill Rest\nNorth Jodiview, IN 99371"
    },
    "lessee_details": {
      "name": "Patterson-Craig",
      "entity_type": "LLC",
      "address": "09365 Jackson Valley\nEast Nicoleton, NY 17786"
    }
  },
  "property_details": {
    "address": "9266 Tiffany Oval Suite 105\nFosterborough, WY 57757",
    "property_type": "Office",
    "lease_area_description": "Partial unit 34 in Building 10",
    "square_footage_sqft": 35450
  },
  "lease_terms": {
    "effective_date": "2024-04-16",
    "commencement_date": "2024-06-09",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 79526.17,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (17.30%)",
        "estimated_monthly_amount_usd": 11928.93
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (22.71%)",
        "estimated_monthly_amount_usd": 7952.62
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 159052.34,
    "late_payment_interest_rate_percent": 5.4
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Indiana",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Palmer-Johnson Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Palmer-Johnson Holdings",
        "Gardner Inc Mortgage Corp."
      ]
    }
  ]
}