<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-2024-6911
Status: Under Review
Governing Jurisdiction: North Dakota

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Perry Ltd Properties, and the Tenant, Anderson-Alvarez. 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 2024-03-21.

The subject of this lease concerns the Partial floor 29B in Building 2 at the property located at 484 Sarah Square Apt. 408
Nathanview, TN 33444. This Retail facility consists of the specified area and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-06-13, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $35,946.30. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $35,946.30 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, Anderson-Alvarez 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 Perry Ltd Properties. 

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-2024-6911",
  "parties": {
    "lessor_details": {
      "name": "Perry Ltd Properties",
      "entity_type": "Limited Partnership",
      "address": "4746 Samantha Park\nRonaldmouth, WY 28083"
    },
    "lessee_details": {
      "name": "Anderson-Alvarez",
      "entity_type": "Corporation",
      "address": "030 Benjamin Knolls\nSouth Emilyville, UT 22463"
    }
  },
  "property_details": {
    "address": "484 Sarah Square Apt. 408\nNathanview, TN 33444",
    "property_type": "Retail",
    "lease_area_description": "Partial floor 29B in Building 2"
  },
  "lease_terms": {
    "effective_date": "2024-03-21",
    "commencement_date": "2024-06-13",
    "initial_term_months": 120,
    "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": 35946.3,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (25.0%)",
        "estimated_monthly_amount_usd": 5391.94
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (18.65%)",
        "estimated_monthly_amount_usd": 3594.63
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 35946.3
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "North Dakota",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Perry Ltd Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Perry Ltd Properties",
        "Durham, Pace and Lee Mortgage Corp."
      ]
    }
  ]
}