<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-2023-9696
Status: Draft
Governing Jurisdiction: Mississippi

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Welch and Sons Ventures, and the Tenant, West 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 2023-09-11.

The subject of this lease concerns the Partial suite 12 in Building 5 at the property located at Unit 4400 Box 8333
DPO AA 76012. This Retail facility consists of approximately 8612 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2023-10-26, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $11,762.56. This figure is scheduled for an annual increase based on a 1.9% escalation rate. A security deposit of $11,762.56 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months. 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 is permitted subject to standard conditions.

Per section 10.1, West 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 Welch and Sons Ventures. Late payments of rent will accrue interest at a rate of 7.3% 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-2023-9696",
  "parties": {
    "lessor_details": {
      "name": "Welch and Sons Ventures",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "West Inc",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "Unit 4400 Box 8333\nDPO AA 76012",
    "property_type": "Retail",
    "lease_area_description": "Partial suite 12 in Building 5",
    "square_footage_sqft": 8612
  },
  "lease_terms": {
    "effective_date": "2023-09-11",
    "commencement_date": "2023-10-26",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 11762.56,
      "annual_escalation_rate_percent": 1.9,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (25.0%)",
        "estimated_monthly_amount_usd": 1764.38
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (25.0%)",
        "estimated_monthly_amount_usd": 1176.26
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 11762.56,
    "late_payment_interest_rate_percent": 7.3
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Mississippi",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Welch and Sons Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Welch and Sons Ventures",
        "Dorsey-Parker Mortgage Corp."
      ]
    }
  ]
}