<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-2023-5484
Status: Under Review
Governing Jurisdiction: Maine

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Green, Morales and Scott LLC, and the Tenant, Walsh LLC. 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 2023-08-26.

The subject of this lease concerns the Partial floor 17B in Building 1 at the property located at PSC 2811, Box 5172
APO AE 47249. This Warehouse facility consists of approximately 29926 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2023-09-04, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $75,039.44. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $75,039.44 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 270 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, Walsh LLC is required to maintain, at minimum, a Commercial General Liability policy of $1,000,000. The certificate of insurance must name all parties as stipulated, including Green, Morales and Scott LLC. Late payments of rent will accrue interest at a rate of 8.5% 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-2023-5484",
  "parties": {
    "lessor_details": {
      "name": "Green, Morales and Scott LLC",
      "entity_type": "Limited Partnership",
      "address": "5967 Kenneth Coves\nLake Krystalshire, NJ 57379"
    },
    "lessee_details": {
      "name": "Walsh LLC",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "PSC 2811, Box 5172\nAPO AE 47249",
    "property_type": "Warehouse",
    "lease_area_description": "Partial floor 17B in Building 1",
    "square_footage_sqft": 29926
  },
  "lease_terms": {
    "effective_date": "2023-08-26",
    "commencement_date": "2023-09-04",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 75039.44,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (22.83%)",
        "estimated_monthly_amount_usd": 11255.92
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (21.81%)",
        "estimated_monthly_amount_usd": 7503.94
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 75039.44,
    "late_payment_interest_rate_percent": 8.5
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Maine",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Green, Morales and Scott LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Green, Morales and Scott LLC",
        "Edwards and Sons Mortgage Corp."
      ]
    }
  ]
}