<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-2023-8139
Status: Amended
Governing Jurisdiction: Wisconsin

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Sullivan-Smith Inc., and the Tenant, Morrison 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 2023-12-26.

The subject of this lease concerns the Entire unit 50B in Building 2 at the property located at 5917 Melissa Views Suite 187
Beckertown, NE 04199. This Office facility consists of approximately 13233 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-04, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $27,403.34. This figure is scheduled for an annual increase based on a 2.18% escalation rate. A security deposit of $54,806.68 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months. 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, Morrison 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 Sullivan-Smith Inc.. 

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-2023-8139",
  "parties": {
    "lessor_details": {
      "name": "Sullivan-Smith Inc.",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Morrison LLC",
      "entity_type": "S-Corp",
      "address": "990 Martinez Mountains Apt. 664\nRyantown, VI 43627"
    }
  },
  "property_details": {
    "address": "5917 Melissa Views Suite 187\nBeckertown, NE 04199",
    "property_type": "Office",
    "lease_area_description": "Entire unit 50B in Building 2",
    "square_footage_sqft": 13233
  },
  "lease_terms": {
    "effective_date": "2023-12-26",
    "commencement_date": "2024-03-04",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 27403.34,
      "annual_escalation_rate_percent": 2.18,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (19.39%)",
        "estimated_monthly_amount_usd": 4110.5
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (9.74%)",
        "estimated_monthly_amount_usd": 2740.33
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 54806.68
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Wisconsin",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Sullivan-Smith Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Sullivan-Smith Inc.",
        "Johnson Inc Mortgage Corp."
      ]
    }
  ]
}