<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-2023-9250
Status: Executed
Governing Jurisdiction: Utah

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Allen LLC Properties, and the Tenant, Dodson, Chavez and Cunningham. 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 2023-10-18.

The subject of this lease concerns the Partial suite 43 in Building 7 at the property located at 704 Helen Squares
New Elizabeth, AK 64515. This Mixed-Use 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 2023-12-13, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $62,338.70. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $62,338.70 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 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 is permitted subject to standard conditions.

Per section 10.1, Dodson, Chavez and Cunningham 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 Allen LLC Properties. Late payments of rent will accrue interest at a rate of 16.7% 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-2023-9250",
  "parties": {
    "lessor_details": {
      "name": "Allen LLC Properties",
      "entity_type": "LLC",
      "address": "8251 Pena Squares Apt. 755\nLake Victoria, MT 78300"
    },
    "lessee_details": {
      "name": "Dodson, Chavez and Cunningham",
      "entity_type": "Corporation",
      "address": "28435 Lee Squares Suite 056\nSouth Adrian, OR 42451"
    }
  },
  "property_details": {
    "address": "704 Helen Squares\nNew Elizabeth, AK 64515",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial suite 43 in Building 7"
  },
  "lease_terms": {
    "effective_date": "2023-10-18",
    "commencement_date": "2023-12-13",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 62338.7,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (17.50%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (6.59%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 62338.7,
    "late_payment_interest_rate_percent": 16.7
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Utah",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Allen LLC Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Allen LLC Properties",
        "Williams Inc Mortgage Corp."
      ]
    }
  ]
}