<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-2024-5345
Status: Executed
Governing Jurisdiction: Alaska

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Kelley, Morales and Davies Properties, and the Tenant, Parker-Scott. 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 2024-01-29.

The subject of this lease concerns the Partial floor 25B in Building 4 at the property located at 03984 Cassandra Hills Suite 763
West Frances, MD 44778. This Office facility consists of approximately 14036 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-30, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $26,399.38. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $26,399.38 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 180 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 is permitted subject to standard conditions.

Per section 10.1, Parker-Scott 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 Kelley, Morales and Davies Properties. 

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-2024-5345",
  "parties": {
    "lessor_details": {
      "name": "Kelley, Morales and Davies Properties",
      "entity_type": "LLC",
      "address": "53744 Monique Crossing\nWest Jackland, WY 52652"
    },
    "lessee_details": {
      "name": "Parker-Scott",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "03984 Cassandra Hills Suite 763\nWest Frances, MD 44778",
    "property_type": "Office",
    "lease_area_description": "Partial floor 25B in Building 4",
    "square_footage_sqft": 14036
  },
  "lease_terms": {
    "effective_date": "2024-01-29",
    "commencement_date": "2024-01-30",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 180
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 26399.38,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (16.28%)",
        "estimated_monthly_amount_usd": 3959.91
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (16.42%)",
        "estimated_monthly_amount_usd": 2639.94
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 26399.38
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Alaska",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Kelley, Morales and Davies Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Kelley, Morales and Davies Properties",
        "Steele-Fitzpatrick Mortgage Corp."
      ]
    }
  ]
}