<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-2024-1521
Status: Under Review
Governing Jurisdiction: Vermont

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Perez, Golden and Williams Properties, and the Tenant, Williamson, Willis and Morgan. 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 Partial floor 21B in Building 2 at the property located at 477 Lane Plaza
Jonesland, MO 24289. This Warehouse facility consists of approximately 5905 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-24, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $21,356.42. This figure is scheduled for an annual increase based on a 1.89% escalation rate. A security deposit of $42,712.84 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 180 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, Williamson, Willis and Morgan 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 Perez, Golden and Williams Properties. Late payments of rent will accrue interest at a rate of 18.0% 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-2024-1521",
  "parties": {
    "lessor_details": {
      "name": "Perez, Golden and Williams Properties",
      "entity_type": "LLC",
      "address": "98310 Smith Ports\nErictown, SC 90572"
    },
    "lessee_details": {
      "name": "Williamson, Willis and Morgan",
      "entity_type": "Corporation"
    }
  },
  "property_details": {
    "address": "477 Lane Plaza\nJonesland, MO 24289",
    "property_type": "Warehouse",
    "lease_area_description": "Partial floor 21B in Building 2",
    "square_footage_sqft": 5905
  },
  "lease_terms": {
    "effective_date": "2024-03-05",
    "commencement_date": "2024-03-24",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "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": 21356.42,
      "annual_escalation_rate_percent": 1.89,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (17.31%)",
        "estimated_monthly_amount_usd": 3203.46
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (11.19%)",
        "estimated_monthly_amount_usd": 2135.64
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 42712.84,
    "late_payment_interest_rate_percent": 18.0
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Vermont",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Perez, Golden and Williams Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Perez, Golden and Williams Properties",
        "Cook, Serrano and Mercado Mortgage Corp."
      ]
    }
  ]
}