<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-2024-7081
Status: Amended
Governing Jurisdiction: Georgia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Jones-Simmons Holdings, and the Tenant, Reyes-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 2024-06-30.

The subject of this lease concerns the Entire suite 39A in Building 6 at the property located at 546 Chase Neck Apt. 744
Stevensonhaven, UT 37312. This Retail facility consists of approximately 27161 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-09-11, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $70,595.97. This figure is scheduled for an annual increase based on a 2.39% escalation rate. A security deposit of $141,191.94 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 requires Landlord's explicit consent.

Per section 10.1, Reyes-Cook 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 Jones-Simmons Holdings. Late payments of rent will accrue interest at a rate of 18.0% 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-2024-7081",
  "parties": {
    "lessor_details": {
      "name": "Jones-Simmons Holdings",
      "entity_type": "Limited Partnership",
      "address": "3436 Chase Mission\nWest Kaitlyn, MD 48231"
    },
    "lessee_details": {
      "name": "Reyes-Cook",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "546 Chase Neck Apt. 744\nStevensonhaven, UT 37312",
    "property_type": "Retail",
    "lease_area_description": "Entire suite 39A in Building 6",
    "square_footage_sqft": 27161
  },
  "lease_terms": {
    "effective_date": "2024-06-30",
    "commencement_date": "2024-09-11",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 70595.97,
      "annual_escalation_rate_percent": 2.39,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (20.14%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (9.56%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 141191.94,
    "late_payment_interest_rate_percent": 18.0
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Georgia",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Jones-Simmons Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Jones-Simmons Holdings",
        "Freeman-Brown Mortgage Corp."
      ]
    }
  ]
}