<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-2024-4593
Status: Draft
Governing Jurisdiction: Iowa

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Williamson, Burns and Mack Inc., and the Tenant, Obrien-Smith. 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 2024-01-03.

The subject of this lease concerns the Entire floor 11 in Building 4 at the property located at 0537 David Drive Suite 911
East Kimberlytown, CA 21810. This Warehouse facility consists of the specified area and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-21, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $27,130.26. This figure is scheduled for an annual increase based on a 2.07% escalation rate. A security deposit of $54,260.52 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 CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Obrien-Smith 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 Williamson, Burns and Mack Inc.. Late payments of rent will accrue interest at a rate of 13.8% 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-2024-4593",
  "parties": {
    "lessor_details": {
      "name": "Williamson, Burns and Mack Inc.",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Obrien-Smith",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "0537 David Drive Suite 911\nEast Kimberlytown, CA 21810",
    "property_type": "Warehouse",
    "lease_area_description": "Entire floor 11 in Building 4"
  },
  "lease_terms": {
    "effective_date": "2024-01-03",
    "commencement_date": "2024-03-21",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 27130.26,
      "annual_escalation_rate_percent": 2.07,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (6.42%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (17.40%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 54260.52,
    "late_payment_interest_rate_percent": 13.8
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Iowa",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Williamson, Burns and Mack Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Williamson, Burns and Mack Inc.",
        "Nelson Inc Mortgage Corp."
      ]
    }
  ]
}