<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-2024-2588
Status: Under Review
Governing Jurisdiction: Delaware

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Williams Ltd Inc., and the Tenant, Lopez, Wells and Thompson. 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 2024-05-11.

The subject of this lease concerns the Entire floor 26 in Building 1 at the property located at 15007 Lane Station Suite 065
New Robertburgh, RI 94129. This Office facility consists of the specified area and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-07-17, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $101,952.57. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $203,905.14 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, Lopez, Wells and Thompson 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 Williams Ltd Inc.. Late payments of rent will accrue interest at a rate of 17.1% 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-2024-2588",
  "parties": {
    "lessor_details": {
      "name": "Williams Ltd Inc.",
      "entity_type": "Corporation",
      "address": "5040 Smith Extension Apt. 952\nRyanchester, OH 90065"
    },
    "lessee_details": {
      "name": "Lopez, Wells and Thompson",
      "entity_type": "S-Corp",
      "address": "Unit 3530 Box 7142\nDPO AP 81840"
    }
  },
  "property_details": {
    "address": "15007 Lane Station Suite 065\nNew Robertburgh, RI 94129",
    "property_type": "Office",
    "lease_area_description": "Entire floor 26 in Building 1"
  },
  "lease_terms": {
    "effective_date": "2024-05-11",
    "commencement_date": "2024-07-17",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 365
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 101952.57,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (17.92%)",
        "estimated_monthly_amount_usd": 15292.89
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (18.03%)",
        "estimated_monthly_amount_usd": 10195.26
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 203905.14,
    "late_payment_interest_rate_percent": 17.1
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Delaware",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Williams Ltd Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Williams Ltd Inc.",
        "Davis and Sons Mortgage Corp."
      ]
    }
  ]
}