<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-2023-6142
Status: Executed
Governing Jurisdiction: Connecticut

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Turner-Hicks Inc., and the Tenant, Walters-Williams. 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 2023-08-14.

The subject of this lease concerns the Partial floor 19B in Building 6 at the property located at 111 Moreno Dam Apt. 786
North Michael, RI 55087. This Office facility consists of approximately 25566 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2023-10-06, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $53,795.12. This figure is scheduled for an annual increase based on a 2.03% escalation rate. A security deposit of $53,795.12 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 365 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, Walters-Williams 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 Turner-Hicks Inc.. Late payments of rent will accrue interest at a rate of 10.8% 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-2023-6142",
  "parties": {
    "lessor_details": {
      "name": "Turner-Hicks Inc.",
      "entity_type": "LLC",
      "address": "029 Sarah Tunnel\nMcdonaldshire, SC 44176"
    },
    "lessee_details": {
      "name": "Walters-Williams",
      "entity_type": "Corporation",
      "address": "68982 Robertson Streets Apt. 962\nVictoriaview, GA 99345"
    }
  },
  "property_details": {
    "address": "111 Moreno Dam Apt. 786\nNorth Michael, RI 55087",
    "property_type": "Office",
    "lease_area_description": "Partial floor 19B in Building 6",
    "square_footage_sqft": 25566
  },
  "lease_terms": {
    "effective_date": "2023-08-14",
    "commencement_date": "2023-10-06",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 365
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 53795.12,
      "annual_escalation_rate_percent": 2.03,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (16.97%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (6.10%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 53795.12,
    "late_payment_interest_rate_percent": 10.8
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Connecticut",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Turner-Hicks Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Turner-Hicks Inc.",
        "Bennett Ltd Mortgage Corp."
      ]
    }
  ]
}