<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-2023-6809
Status: Under Review
Governing Jurisdiction: Maine

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Collins PLC Ventures, and the Tenant, Brown 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 2023-12-04.

The subject of this lease concerns the Partial unit 19B in Building 8 at the property located at 51718 Tyler Path
South Evantown, AR 01850. This Office facility consists of the specified area and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-21, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $33,624.69. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $67,249.38 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 365 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 requires Landlord's explicit consent.

Per section 10.1, Brown Ltd 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 Collins PLC Ventures. Late payments of rent will accrue interest at a rate of 8.9% 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-2023-6809",
  "parties": {
    "lessor_details": {
      "name": "Collins PLC Ventures",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Brown Ltd",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "51718 Tyler Path\nSouth Evantown, AR 01850",
    "property_type": "Office",
    "lease_area_description": "Partial unit 19B in Building 8"
  },
  "lease_terms": {
    "effective_date": "2023-12-04",
    "commencement_date": "2023-12-21",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 33624.69,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (14.91%)",
        "estimated_monthly_amount_usd": 5043.7
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (14.07%)",
        "estimated_monthly_amount_usd": 3362.47
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 67249.38,
    "late_payment_interest_rate_percent": 8.9
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Maine",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Collins PLC Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Collins PLC Ventures",
        "Miller, Scott and Owens Mortgage Corp."
      ]
    }
  ]
}