<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-2024-5606
Status: Amended
Governing Jurisdiction: New York

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Mccormick, Holden and Sellers Ventures, and the Tenant, Wallace, Reilly and Perez. 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 2024-02-06.

The subject of this lease concerns the Entire unit 5A in Building 8 at the property located at 7148 Amy Coves Apt. 845
Ericland, AL 04232. This Industrial facility consists of approximately 27699 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-02-16, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $47,919.27. This figure is scheduled for an annual increase based on a 2.46% escalation rate. A security deposit of $47,919.27 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 180 days' prior notice. During any such renewal, the rent will be adjusted according to CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Wallace, Reilly and Perez 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 Mccormick, Holden and Sellers Ventures. Late payments of rent will accrue interest at a rate of 8.3% 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-2024-5606",
  "parties": {
    "lessor_details": {
      "name": "Mccormick, Holden and Sellers Ventures",
      "entity_type": "Limited Partnership",
      "address": "28296 Michelle Trail\nNorth Bradleyton, SC 81348"
    },
    "lessee_details": {
      "name": "Wallace, Reilly and Perez",
      "entity_type": "Corporation",
      "address": "47700 Jordan Courts\nLake Brendaport, CA 98707"
    }
  },
  "property_details": {
    "address": "7148 Amy Coves Apt. 845\nEricland, AL 04232",
    "property_type": "Industrial",
    "lease_area_description": "Entire unit 5A in Building 8",
    "square_footage_sqft": 27699
  },
  "lease_terms": {
    "effective_date": "2024-02-06",
    "commencement_date": "2024-02-16",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 180
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 47919.27,
      "annual_escalation_rate_percent": 2.46,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (19.24%)",
        "estimated_monthly_amount_usd": 7187.89
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (9.01%)",
        "estimated_monthly_amount_usd": 4791.93
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 47919.27,
    "late_payment_interest_rate_percent": 8.3
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "New York",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Mccormick, Holden and Sellers Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Mccormick, Holden and Sellers Ventures",
        "Hess, Powell and Stone Mortgage Corp."
      ]
    }
  ]
}