<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-2024-8630
Status: Amended
Governing Jurisdiction: Mississippi

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Coleman, Mcguire and Mcconnell Properties, and the Tenant, White Inc. 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 2024-03-02.

The subject of this lease concerns the Entire suite 14 in Building 5 at the property located at 800 Christopher Trail
South Angelastad, AL 81417. This Retail 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 2024-05-19, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $154,639.10. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $309,278.20 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 Fair Market Value. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, White Inc 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 Coleman, Mcguire and Mcconnell 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-2024-8630",
  "parties": {
    "lessor_details": {
      "name": "Coleman, Mcguire and Mcconnell Properties",
      "entity_type": "Limited Partnership",
      "address": "081 Simon Ridge Suite 289\nObrienborough, PW 81470"
    },
    "lessee_details": {
      "name": "White Inc",
      "entity_type": "LLC",
      "address": "616 Gonzalez Village\nRuizshire, FM 79070"
    }
  },
  "property_details": {
    "address": "800 Christopher Trail\nSouth Angelastad, AL 81417",
    "property_type": "Retail",
    "lease_area_description": "Entire suite 14 in Building 5"
  },
  "lease_terms": {
    "effective_date": "2024-03-02",
    "commencement_date": "2024-05-19",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 154639.1,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (21.49%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (5.67%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 309278.2
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Mississippi",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Coleman, Mcguire and Mcconnell Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Coleman, Mcguire and Mcconnell Properties",
        "Wagner-Bailey Mortgage Corp."
      ]
    }
  ]
}