<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-2023-2704
Status: Draft
Governing Jurisdiction: Georgia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Schwartz, Jackson and Miller Holdings, and the Tenant, Taylor-Davis. 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 2023-10-19.

The subject of this lease concerns the Entire unit 6B in Building 10 at the property located at 3404 Alec Haven Apt. 763
New Thomas, MH 23995. This Office facility consists of approximately 25995 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-16, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $121,916.55. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $243,833.10 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Taylor-Davis 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 Schwartz, Jackson and Miller Holdings. Late payments of rent will accrue interest at a rate of 13.3% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 180 days' notice and involves a penalty structured as 6 months' rent plus unamortized transaction costs.

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-2023-2704",
  "parties": {
    "lessor_details": {
      "name": "Schwartz, Jackson and Miller Holdings",
      "entity_type": "Limited Partnership",
      "address": "110 Douglas Track Suite 348\nAshleyberg, NC 62843"
    },
    "lessee_details": {
      "name": "Taylor-Davis",
      "entity_type": "S-Corp",
      "address": "51302 Timothy Gateway Apt. 005\nWilliamstown, MI 11667"
    }
  },
  "property_details": {
    "address": "3404 Alec Haven Apt. 763\nNew Thomas, MH 23995",
    "property_type": "Office",
    "lease_area_description": "Entire unit 6B in Building 10",
    "square_footage_sqft": 25995
  },
  "lease_terms": {
    "effective_date": "2023-10-19",
    "commencement_date": "2024-01-16",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "6 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 121916.55,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (5.73%)",
        "estimated_monthly_amount_usd": 18287.48
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (22.49%)",
        "estimated_monthly_amount_usd": 12191.66
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 243833.1,
    "late_payment_interest_rate_percent": 13.3
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Georgia",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Schwartz, Jackson and Miller Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Schwartz, Jackson and Miller Holdings",
        "Riggs, Ward and Mccall Mortgage Corp."
      ]
    }
  ]
}