<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-2024-1680
Status: Draft
Governing Jurisdiction: New Mexico

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Fletcher, Stewart and Morris Holdings, and the Tenant, Jones and Sons. 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 2024-02-17.

The subject of this lease concerns the Partial floor 21 in Building 3 at the property located at 980 Jennifer Road Suite 337
Grayburgh, VT 32760. This Office facility consists of approximately 46891 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-04-27, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $207,336.37. This figure is scheduled for an annual increase based on a 3.13% escalation rate. A security deposit of $207,336.37 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 Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Jones and Sons 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 Fletcher, Stewart and Morris Holdings. Late payments of rent will accrue interest at a rate of 5.0% 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-2024-1680",
  "parties": {
    "lessor_details": {
      "name": "Fletcher, Stewart and Morris Holdings",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Jones and Sons",
      "entity_type": "Corporation",
      "address": "29889 Rivers Overpass\nRaymondhaven, ND 80016"
    }
  },
  "property_details": {
    "address": "980 Jennifer Road Suite 337\nGrayburgh, VT 32760",
    "property_type": "Office",
    "lease_area_description": "Partial floor 21 in Building 3",
    "square_footage_sqft": 46891
  },
  "lease_terms": {
    "effective_date": "2024-02-17",
    "commencement_date": "2024-04-27",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 207336.37,
      "annual_escalation_rate_percent": 3.13,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (9.90%)",
        "estimated_monthly_amount_usd": 31100.46
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (18.33%)",
        "estimated_monthly_amount_usd": 20733.64
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 207336.37,
    "late_payment_interest_rate_percent": 5.0
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "New Mexico",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Fletcher, Stewart and Morris Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Fletcher, Stewart and Morris Holdings",
        "Lee-Stevens Mortgage Corp."
      ]
    }
  ]
}