<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-2023-3225
Status: Amended
Governing Jurisdiction: Louisiana

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Miller, Callahan and Gilmore Properties, and the Tenant, Bradley, May and Cook. 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 2023-09-22.

The subject of this lease concerns the Entire floor 37 in Building 7 at the property located at 2203 Kathryn Lock
Lake Rebeccaport, AZ 41470. This Industrial 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 2023-10-29, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $114,418.92. This figure is scheduled for an annual increase based on a 2.4% escalation rate. A security deposit of $114,418.92 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 CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Bradley, May and Cook 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 Miller, Callahan and Gilmore Properties. Late payments of rent will accrue interest at a rate of 7.2% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 60 days' notice and involves a penalty structured as 10 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-2023-3225",
  "parties": {
    "lessor_details": {
      "name": "Miller, Callahan and Gilmore Properties",
      "entity_type": "Limited Partnership",
      "address": "813 Turner Forest\nReedville, TX 38674"
    },
    "lessee_details": {
      "name": "Bradley, May and Cook",
      "entity_type": "Corporation",
      "address": "636 Ashley Trafficway Suite 713\nVeronicaville, GA 90460"
    }
  },
  "property_details": {
    "address": "2203 Kathryn Lock\nLake Rebeccaport, AZ 41470",
    "property_type": "Industrial",
    "lease_area_description": "Entire floor 37 in Building 7"
  },
  "lease_terms": {
    "effective_date": "2023-09-22",
    "commencement_date": "2023-10-29",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 114418.92,
      "annual_escalation_rate_percent": 2.4,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (23.08%)",
        "estimated_monthly_amount_usd": 17162.84
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (25.0%)",
        "estimated_monthly_amount_usd": 11441.89
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 114418.92,
    "late_payment_interest_rate_percent": 7.2
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Louisiana",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Miller, Callahan and Gilmore Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Miller, Callahan and Gilmore Properties",
        "Wilson and Sons Mortgage Corp."
      ]
    }
  ]
}