<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-2024-6882
Status: Amended
Governing Jurisdiction: Montana

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Odom LLC Ventures, and the Tenant, Ward, Miller and Walker. 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 2024-03-05.

The subject of this lease concerns the Entire unit 27B in Building 10 at the property located at 93533 Janet Green
Walkerton, OR 99236. This Warehouse facility consists of approximately 15360 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-29, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $60,723.20. This figure is scheduled for an annual increase based on a 2.18% escalation rate. A security deposit of $121,446.40 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 365 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 requires Landlord's explicit consent.

Per section 10.1, Ward, Miller and Walker 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 Odom LLC Ventures. 

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-2024-6882",
  "parties": {
    "lessor_details": {
      "name": "Odom LLC Ventures",
      "entity_type": "Corporation",
      "address": "62696 Welch Island Apt. 616\nMooreland, KY 24712"
    },
    "lessee_details": {
      "name": "Ward, Miller and Walker",
      "entity_type": "Corporation",
      "address": "71255 Debra Plaza\nLake Michael, VI 93962"
    }
  },
  "property_details": {
    "address": "93533 Janet Green\nWalkerton, OR 99236",
    "property_type": "Warehouse",
    "lease_area_description": "Entire unit 27B in Building 10",
    "square_footage_sqft": 15360
  },
  "lease_terms": {
    "effective_date": "2024-03-05",
    "commencement_date": "2024-05-29",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 365
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 60723.2,
      "annual_escalation_rate_percent": 2.18,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (17.91%)",
        "estimated_monthly_amount_usd": 9108.48
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (25.0%)",
        "estimated_monthly_amount_usd": 6072.32
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 121446.4
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Montana",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Odom LLC Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Odom LLC Ventures",
        "Walker, Rogers and Franklin Mortgage Corp."
      ]
    }
  ]
}