<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-2024-6875
Status: Amended
Governing Jurisdiction: Georgia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Kelly-Garcia Properties, and the Tenant, Boyer Ltd. 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 2024-01-12.

The subject of this lease concerns the Entire suite 44 in Building 2 at the property located at 914 Sarah Field Apt. 218
East Samanthamouth, IA 17255. This Warehouse facility consists of approximately 7455 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-04-03, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $30,062.29. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $60,124.58 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months. 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, Boyer Ltd 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 Kelly-Garcia Properties. Late payments of rent will accrue interest at a rate of 11.9% 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-2024-6875",
  "parties": {
    "lessor_details": {
      "name": "Kelly-Garcia Properties",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Boyer Ltd",
      "entity_type": "S-Corp",
      "address": "52189 Bowers Loaf Apt. 973\nEast Robertside, ID 82000"
    }
  },
  "property_details": {
    "address": "914 Sarah Field Apt. 218\nEast Samanthamouth, IA 17255",
    "property_type": "Warehouse",
    "lease_area_description": "Entire suite 44 in Building 2",
    "square_footage_sqft": 7455
  },
  "lease_terms": {
    "effective_date": "2024-01-12",
    "commencement_date": "2024-04-03",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 30062.29,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (15.41%)",
        "estimated_monthly_amount_usd": 4509.34
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (18.15%)",
        "estimated_monthly_amount_usd": 3006.23
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 60124.58,
    "late_payment_interest_rate_percent": 11.9
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Georgia",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Kelly-Garcia Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Kelly-Garcia Properties",
        "Sullivan Ltd Mortgage Corp."
      ]
    }
  ]
}