<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-2024-9467
Status: Draft
Governing Jurisdiction: Illinois

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Fernandez, Roberson and Myers Ventures, and the Tenant, Stone, Moyer and Parker. 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 2024-02-19.

The subject of this lease concerns the Partial floor 18B in Building 7 at the property located at 44214 Walker Shore Suite 409
West Kyleberg, AL 67157. This Industrial 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 2024-04-14, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $177,227.83. This figure is scheduled for an annual increase based on a 3.21% escalation rate. A security deposit of $354,455.66 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 365 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, Stone, Moyer and Parker 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 Fernandez, Roberson and Myers Ventures. Note the existence of a Co-tenancy Failure clause, which can be triggered with 60 days' notice and involves a penalty structured as 4 months' rent plus unamortized transaction costs.

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-2024-9467",
  "parties": {
    "lessor_details": {
      "name": "Fernandez, Roberson and Myers Ventures",
      "entity_type": "LLC",
      "address": "481 Katherine Glen Apt. 020\nNew Erin, NM 86511"
    },
    "lessee_details": {
      "name": "Stone, Moyer and Parker",
      "entity_type": "Corporation",
      "address": "2233 Turner Stream\nSouth Gloria, RI 39147"
    }
  },
  "property_details": {
    "address": "44214 Walker Shore Suite 409\nWest Kyleberg, AL 67157",
    "property_type": "Industrial",
    "lease_area_description": "Partial floor 18B in Building 7"
  },
  "lease_terms": {
    "effective_date": "2024-02-19",
    "commencement_date": "2024-04-14",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "4 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 177227.83,
      "annual_escalation_rate_percent": 3.21,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (24.58%)",
        "estimated_monthly_amount_usd": 26584.17
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (8.80%)",
        "estimated_monthly_amount_usd": 17722.78
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 354455.66
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Illinois",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Fernandez, Roberson and Myers Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Fernandez, Roberson and Myers Ventures",
        "Ortiz-Carpenter Mortgage Corp."
      ]
    }
  ]
}