<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-2023-2125
Status: Executed
Governing Jurisdiction: Alabama

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Fox, Bowman and Wilkins Holdings, and the Tenant, Ho-Taylor. 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 2023-11-01.

The subject of this lease concerns the Partial suite 39 in Building 8 at the property located at 61853 May Trafficway Apt. 271
West Ianfurt, MT 74047. This Warehouse facility consists of the specified area and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-15, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $27,646.08. This figure is scheduled for an annual increase based on a 3.58% escalation rate. A security deposit of $27,646.08 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 Fixed 3% annual increase. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Ho-Taylor 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 Fox, Bowman and Wilkins Holdings. Late payments of rent will accrue interest at a rate of 6.2% 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-2023-2125",
  "parties": {
    "lessor_details": {
      "name": "Fox, Bowman and Wilkins Holdings",
      "entity_type": "LLC",
      "address": "25155 Lori Glen\nEricfurt, MO 92612"
    },
    "lessee_details": {
      "name": "Ho-Taylor",
      "entity_type": "LLC",
      "address": "37989 John Stravenue Suite 400\nBartonport, AR 07462"
    }
  },
  "property_details": {
    "address": "61853 May Trafficway Apt. 271\nWest Ianfurt, MT 74047",
    "property_type": "Warehouse",
    "lease_area_description": "Partial suite 39 in Building 8"
  },
  "lease_terms": {
    "effective_date": "2023-11-01",
    "commencement_date": "2024-01-15",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 365
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 27646.08,
      "annual_escalation_rate_percent": 3.58,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (9.30%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (22.84%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 27646.08,
    "late_payment_interest_rate_percent": 6.2
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Alabama",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Fox, Bowman and Wilkins Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Fox, Bowman and Wilkins Holdings",
        "Day-Briggs Mortgage Corp."
      ]
    }
  ]
}