<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-2023-1266
Status: Amended
Governing Jurisdiction: Connecticut

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Brown-Hernandez Holdings, and the Tenant, Edwards, Morris and 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 2023-11-28.

The subject of this lease concerns the Partial unit 17B in Building 3 at the property located at 877 Billy Viaduct
West Sharonburgh, VA 10288. This Mixed-Use facility consists of approximately 8009 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-12, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $12,126.96. This figure is scheduled for an annual increase based on a 2.59% escalation rate. A security deposit of $12,126.96 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 90 days' prior notice. 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 requires Landlord's explicit consent.

Per section 10.1, Edwards, Morris and 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 Brown-Hernandez Holdings. Late payments of rent will accrue interest at a rate of 6.2% 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-2023-1266",
  "parties": {
    "lessor_details": {
      "name": "Brown-Hernandez Holdings",
      "entity_type": "LLC",
      "address": "555 David Shoals\nWest Bryan, AS 50819"
    },
    "lessee_details": {
      "name": "Edwards, Morris and Smith",
      "entity_type": "Corporation",
      "address": "655 Samantha Passage Suite 968\nLake Donna, CO 80826"
    }
  },
  "property_details": {
    "address": "877 Billy Viaduct\nWest Sharonburgh, VA 10288",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial unit 17B in Building 3",
    "square_footage_sqft": 8009
  },
  "lease_terms": {
    "effective_date": "2023-11-28",
    "commencement_date": "2024-01-12",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 12126.96,
      "annual_escalation_rate_percent": 2.59,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (7.97%)",
        "estimated_monthly_amount_usd": 1819.04
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (18.75%)",
        "estimated_monthly_amount_usd": 1212.7
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 12126.96,
    "late_payment_interest_rate_percent": 6.2
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Connecticut",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Brown-Hernandez Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Brown-Hernandez Holdings",
        "Wilson, Mitchell and Moody Mortgage Corp."
      ]
    }
  ]
}