<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-2023-6402
Status: Executed
Governing Jurisdiction: Rhode Island

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Cline PLC Ventures, and the Tenant, Fisher, Farrell and Pope. 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 2023-08-22.

The subject of this lease concerns the Entire suite 5B in Building 5 at the property located at 53404 Gray Mountains Suite 174
South Taylor, GA 16706. This Industrial facility consists of approximately 1799 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2023-11-17, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $7,768.68. This figure is scheduled for an annual increase based on a 3.26% escalation rate. A security deposit of $15,537.36 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 Fixed 3% annual increase. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Fisher, Farrell and Pope 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 Cline PLC Ventures. Late payments of rent will accrue interest at a rate of 16.2% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 90 days' notice and involves a penalty structured as 9 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-2023-6402",
  "parties": {
    "lessor_details": {
      "name": "Cline PLC Ventures",
      "entity_type": "Corporation",
      "address": "29720 Floyd Burg\nKathleenside, MD 55797"
    },
    "lessee_details": {
      "name": "Fisher, Farrell and Pope",
      "entity_type": "Corporation",
      "address": "245 Meyer Drives Suite 256\nGuzmanville, HI 10600"
    }
  },
  "property_details": {
    "address": "53404 Gray Mountains Suite 174\nSouth Taylor, GA 16706",
    "property_type": "Industrial",
    "lease_area_description": "Entire suite 5B in Building 5",
    "square_footage_sqft": 1799
  },
  "lease_terms": {
    "effective_date": "2023-08-22",
    "commencement_date": "2023-11-17",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 7768.68,
      "annual_escalation_rate_percent": 3.26,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.02%)",
        "estimated_monthly_amount_usd": 1165.3
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (5.42%)",
        "estimated_monthly_amount_usd": 776.87
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 15537.36,
    "late_payment_interest_rate_percent": 16.2
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Rhode Island",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Cline PLC Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Cline PLC Ventures",
        "Tran-Adams Mortgage Corp."
      ]
    }
  ]
}