<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-2024-2635
Status: Under Review
Governing Jurisdiction: Tennessee

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Martinez, Cochran and Bradford LLC, and the Tenant, Jackson-Weaver. 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 2024-08-05.

The subject of this lease concerns the Entire floor 48A in Building 8 at the property located at 333 Nancy Hills Apt. 855
Schmidtmouth, OR 66166. This Office facility consists of approximately 17089 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-09-11, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $44,075.38. This figure is scheduled for an annual increase based on a 2.25% escalation rate. A security deposit of $44,075.38 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 90 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, Jackson-Weaver is required to maintain, at minimum, a Commercial General Liability policy of $1,000,000. The certificate of insurance must name all parties as stipulated, including Martinez, Cochran and Bradford LLC. 

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-2024-2635",
  "parties": {
    "lessor_details": {
      "name": "Martinez, Cochran and Bradford LLC",
      "entity_type": "LLC",
      "address": "616 Kent Route Apt. 236\nStephanieborough, PA 51086"
    },
    "lessee_details": {
      "name": "Jackson-Weaver",
      "entity_type": "Corporation"
    }
  },
  "property_details": {
    "address": "333 Nancy Hills Apt. 855\nSchmidtmouth, OR 66166",
    "property_type": "Office",
    "lease_area_description": "Entire floor 48A in Building 8",
    "square_footage_sqft": 17089
  },
  "lease_terms": {
    "effective_date": "2024-08-05",
    "commencement_date": "2024-09-11",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 90
      },
      {
        "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": 44075.38,
      "annual_escalation_rate_percent": 2.25,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (14.32%)",
        "estimated_monthly_amount_usd": 6611.31
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (7.30%)",
        "estimated_monthly_amount_usd": 4407.54
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 44075.38
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Tennessee",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Martinez, Cochran and Bradford LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Martinez, Cochran and Bradford LLC",
        "Kramer-Chang Mortgage Corp."
      ]
    }
  ]
}