<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-2023-7540
Status: Under Review
Governing Jurisdiction: California

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Jacobs, Sutton and Kelley Ventures, and the Tenant, Smith, Preston and Gonzalez. 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 2023-09-13.

The subject of this lease concerns the Entire suite 9 in Building 7 at the property located at 46162 Davis Lights
Lake Elizabeth, RI 28345. This Office facility consists of approximately 42548 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-10-17, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $138,068.26. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $276,136.52 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Smith, Preston and Gonzalez 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 Jacobs, Sutton and Kelley Ventures. Late payments of rent will accrue interest at a rate of 9.4% 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-2023-7540",
  "parties": {
    "lessor_details": {
      "name": "Jacobs, Sutton and Kelley Ventures",
      "entity_type": "LLC",
      "address": "839 Simmons Stravenue\nChristinachester, MH 11611"
    },
    "lessee_details": {
      "name": "Smith, Preston and Gonzalez",
      "entity_type": "LLC",
      "address": "PSC 2727, Box 4970\nAPO AA 97873"
    }
  },
  "property_details": {
    "address": "46162 Davis Lights\nLake Elizabeth, RI 28345",
    "property_type": "Office",
    "lease_area_description": "Entire suite 9 in Building 7",
    "square_footage_sqft": 42548
  },
  "lease_terms": {
    "effective_date": "2023-09-13",
    "commencement_date": "2023-10-17",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 138068.26,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (8.04%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (19.79%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 276136.52,
    "late_payment_interest_rate_percent": 9.4
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "California",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Jacobs, Sutton and Kelley Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Jacobs, Sutton and Kelley Ventures",
        "Graves-Wells Mortgage Corp."
      ]
    }
  ]
}