<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-2024-1842
Status: Amended
Governing Jurisdiction: Oklahoma

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Andrews, Shah and Anderson LLC, and the Tenant, Graves Ltd. 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 2024-03-01.

The subject of this lease concerns the Entire unit 50A in Building 3 at the property located at 2662 Sharp Run Apt. 962
East Meredithmouth, NJ 67150. This Office facility consists of approximately 37589 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-21, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $144,686.33. This figure is scheduled for an annual increase based on a 3.76% escalation rate. A security deposit of $289,372.66 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 90 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 is permitted subject to standard conditions.

Per section 10.1, Graves Ltd 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 Andrews, Shah and Anderson LLC. Late payments of rent will accrue interest at a rate of 10.9% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 90 days' notice and involves a penalty structured as 5 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-2024-1842",
  "parties": {
    "lessor_details": {
      "name": "Andrews, Shah and Anderson LLC",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Graves Ltd",
      "entity_type": "Corporation",
      "address": "75998 Jennifer Crescent Suite 151\nLake Briannatown, RI 09051"
    }
  },
  "property_details": {
    "address": "2662 Sharp Run Apt. 962\nEast Meredithmouth, NJ 67150",
    "property_type": "Office",
    "lease_area_description": "Entire unit 50A in Building 3",
    "square_footage_sqft": 37589
  },
  "lease_terms": {
    "effective_date": "2024-03-01",
    "commencement_date": "2024-05-21",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "8 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 144686.33,
      "annual_escalation_rate_percent": 3.76,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (7.25%)",
        "estimated_monthly_amount_usd": 21702.95
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (17.71%)",
        "estimated_monthly_amount_usd": 14468.63
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 289372.66,
    "late_payment_interest_rate_percent": 10.9
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Oklahoma",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Andrews, Shah and Anderson LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Andrews, Shah and Anderson LLC",
        "Nicholson PLC Mortgage Corp."
      ]
    }
  ]
}