<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-2024-2936
Status: Under Review
Governing Jurisdiction: New York

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Bradshaw and Sons Holdings, and the Tenant, Cortez-Adkins. 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 2024-07-13.

The subject of this lease concerns the Entire floor 50B in Building 3 at the property located at 01223 Sanchez Rapid Suite 452
Port Johnfurt, MA 46396. This Office facility consists of approximately 27508 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-09-28, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $71,543.72. This figure is scheduled for an annual increase based on a 1.97% escalation rate. A security deposit of $143,087.44 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 90 days' prior notice. During any such renewal, the rent will be adjusted according to CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Cortez-Adkins 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 Bradshaw and Sons Holdings. 

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-2024-2936",
  "parties": {
    "lessor_details": {
      "name": "Bradshaw and Sons Holdings",
      "entity_type": "Limited Partnership",
      "address": "PSC 5418, Box 0750\nAPO AA 45287"
    },
    "lessee_details": {
      "name": "Cortez-Adkins",
      "entity_type": "Corporation"
    }
  },
  "property_details": {
    "address": "01223 Sanchez Rapid Suite 452\nPort Johnfurt, MA 46396",
    "property_type": "Office",
    "lease_area_description": "Entire floor 50B in Building 3",
    "square_footage_sqft": 27508
  },
  "lease_terms": {
    "effective_date": "2024-07-13",
    "commencement_date": "2024-09-28",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "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": 71543.72,
      "annual_escalation_rate_percent": 1.97,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (21.49%)",
        "estimated_monthly_amount_usd": 10731.56
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (9.72%)",
        "estimated_monthly_amount_usd": 7154.37
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 143087.44
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "New York",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Bradshaw and Sons Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Bradshaw and Sons Holdings",
        "Rivera LLC Mortgage Corp."
      ]
    }
  ]
}