<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-2023-2968
Status: Executed
Governing Jurisdiction: Illinois

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Scott and Sons Ventures, and the Tenant, Molina Inc. 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 2023-09-17.

The subject of this lease concerns the Entire floor 47A in Building 8 at the property located at 898 Billy Oval
Lake Stephenshire, NJ 12726. This Industrial facility consists of approximately 45633 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2023-09-19, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $187,817.82. This figure is scheduled for an annual increase based on a 3.51% escalation rate. A security deposit of $375,635.64 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 180 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, Molina Inc 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 Scott and Sons Ventures. 

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-2023-2968",
  "parties": {
    "lessor_details": {
      "name": "Scott and Sons Ventures",
      "entity_type": "Limited Partnership",
      "address": "2005 Robert Union Apt. 482\nStephanieville, VA 95004"
    },
    "lessee_details": {
      "name": "Molina Inc",
      "entity_type": "Corporation",
      "address": "USS Williams\nFPO AP 80745"
    }
  },
  "property_details": {
    "address": "898 Billy Oval\nLake Stephenshire, NJ 12726",
    "property_type": "Industrial",
    "lease_area_description": "Entire floor 47A in Building 8",
    "square_footage_sqft": 45633
  },
  "lease_terms": {
    "effective_date": "2023-09-17",
    "commencement_date": "2023-09-19",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 187817.82,
      "annual_escalation_rate_percent": 3.51,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (12.29%)",
        "estimated_monthly_amount_usd": 28172.67
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (16.22%)",
        "estimated_monthly_amount_usd": 18781.78
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 375635.64
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Illinois",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Scott and Sons Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Scott and Sons Ventures",
        "Taylor Group Mortgage Corp."
      ]
    }
  ]
}