<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-2024-9304
Status: Under Review
Governing Jurisdiction: Rhode Island

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Valentine, Cook and Harrison Ventures, and the Tenant, Boyd PLC. 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 2024-05-23.

The subject of this lease concerns the Entire unit 36B in Building 10 at the property located at PSC 0809, Box 4109
APO AA 46890. This Office 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 2024-07-14, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $123,439.68. This figure is scheduled for an annual increase based on a 3.68% escalation rate. A security deposit of $123,439.68 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 270 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, Boyd PLC 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 Valentine, Cook and Harrison Ventures. 

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-2024-9304",
  "parties": {
    "lessor_details": {
      "name": "Valentine, Cook and Harrison Ventures",
      "entity_type": "Corporation",
      "address": "6464 Berger Pine Suite 634\nLake Victoriamouth, AL 58848"
    },
    "lessee_details": {
      "name": "Boyd PLC",
      "entity_type": "LLC",
      "address": "017 Wood Drive\nAmyfurt, MH 78532"
    }
  },
  "property_details": {
    "address": "PSC 0809, Box 4109\nAPO AA 46890",
    "property_type": "Office",
    "lease_area_description": "Entire unit 36B in Building 10"
  },
  "lease_terms": {
    "effective_date": "2024-05-23",
    "commencement_date": "2024-07-14",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 123439.68,
      "annual_escalation_rate_percent": 3.68,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (14.21%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (13.83%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 123439.68
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Rhode Island",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Valentine, Cook and Harrison Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Valentine, Cook and Harrison Ventures",
        "Perez, Lawrence and White Mortgage Corp."
      ]
    }
  ]
}