<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-2024-7638
Status: Under Review
Governing Jurisdiction: Kansas

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Murphy, Romero and Douglas Properties, and the Tenant, Fleming-Burton. 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 2024-01-08.

The subject of this lease concerns the Entire suite 4 in Building 5 at the property located at 709 Philip River Suite 236
Skinnerstad, VT 36898. This Retail facility consists of approximately 46889 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-04-01, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $182,515.43. This figure is scheduled for an annual increase based on a 2.03% escalation rate. A security deposit of $182,515.43 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 CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Fleming-Burton 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 Murphy, Romero and Douglas 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-2024-7638",
  "parties": {
    "lessor_details": {
      "name": "Murphy, Romero and Douglas Properties",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Fleming-Burton",
      "entity_type": "Corporation",
      "address": "Unit 5329 Box 2327\nDPO AE 89949"
    }
  },
  "property_details": {
    "address": "709 Philip River Suite 236\nSkinnerstad, VT 36898",
    "property_type": "Retail",
    "lease_area_description": "Entire suite 4 in Building 5",
    "square_footage_sqft": 46889
  },
  "lease_terms": {
    "effective_date": "2024-01-08",
    "commencement_date": "2024-04-01",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 182515.43,
      "annual_escalation_rate_percent": 2.03,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.07%)",
        "estimated_monthly_amount_usd": 27377.31
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (17.14%)",
        "estimated_monthly_amount_usd": 18251.54
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 182515.43
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Kansas",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Murphy, Romero and Douglas Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Murphy, Romero and Douglas Properties",
        "Campbell-Smith Mortgage Corp."
      ]
    }
  ]
}