<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-2023-6876
Status: Under Review
Governing Jurisdiction: Alaska

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Henry, Wallace and Thomas Inc., and the Tenant, Sparks Group. 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 2023-11-12.

The subject of this lease concerns the Entire suite 46 in Building 3 at the property located at Unit 9141 Box 5689
DPO AA 22651. This Mixed-Use facility consists of the specified area and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-16, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $36,293.30. This figure is scheduled for an annual increase based on a 3.35% escalation rate. A security deposit of $72,586.60 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 270 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, Sparks Group is required to maintain, at minimum, a Commercial General Liability policy of $2,000,000. The certificate of insurance must name all parties as stipulated, including Henry, Wallace and Thomas Inc.. 

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-2023-6876",
  "parties": {
    "lessor_details": {
      "name": "Henry, Wallace and Thomas Inc.",
      "entity_type": "Limited Partnership",
      "address": "3977 Elizabeth Drives Suite 854\nHaileytown, MN 38956"
    },
    "lessee_details": {
      "name": "Sparks Group",
      "entity_type": "Corporation",
      "address": "191 Greg Terrace\nNorth Mark, MN 56651"
    }
  },
  "property_details": {
    "address": "Unit 9141 Box 5689\nDPO AA 22651",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire suite 46 in Building 3"
  },
  "lease_terms": {
    "effective_date": "2023-11-12",
    "commencement_date": "2024-01-16",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 36293.3,
      "annual_escalation_rate_percent": 3.35,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (23.73%)",
        "estimated_monthly_amount_usd": 5444.0
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (20.16%)",
        "estimated_monthly_amount_usd": 3629.33
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 72586.6
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Alaska",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Henry, Wallace and Thomas Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Henry, Wallace and Thomas Inc.",
        "Richardson, Salas and Thompson Mortgage Corp."
      ]
    }
  ]
}