<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-2024-8919
Status: Amended
Governing Jurisdiction: Indiana

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Meyers and Sons Inc., and the Tenant, Rich Ltd. 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 2024-01-18.

The subject of this lease concerns the Entire floor 1B in Building 6 at the property located at 0219 Stone Ferry
Lake Robertberg, ME 55460. This Mixed-Use facility consists of approximately 44953 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-02-14, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $145,685.18. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $145,685.18 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 365 days' prior notice. 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, Rich Ltd 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 Meyers and Sons Inc.. Late payments of rent will accrue interest at a rate of 11.6% 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-2024-8919",
  "parties": {
    "lessor_details": {
      "name": "Meyers and Sons Inc.",
      "entity_type": "Limited Partnership",
      "address": "9162 Smith Course\nNew Richardland, DE 69955"
    },
    "lessee_details": {
      "name": "Rich Ltd",
      "entity_type": "Corporation"
    }
  },
  "property_details": {
    "address": "0219 Stone Ferry\nLake Robertberg, ME 55460",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire floor 1B in Building 6",
    "square_footage_sqft": 44953
  },
  "lease_terms": {
    "effective_date": "2024-01-18",
    "commencement_date": "2024-02-14",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 365
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 145685.18,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (17.63%)",
        "estimated_monthly_amount_usd": 21852.78
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (20.56%)",
        "estimated_monthly_amount_usd": 14568.52
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 145685.18,
    "late_payment_interest_rate_percent": 11.6
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Indiana",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Meyers and Sons Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Meyers and Sons Inc.",
        "Irwin-Sutton Mortgage Corp."
      ]
    }
  ]
}