<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-2024-7901
Status: Under Review
Governing Jurisdiction: Rhode Island

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Fernandez, Pace and Wood Inc., and the Tenant, Chambers-Collins. 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 2024-07-28.

The subject of this lease concerns the Partial suite 30A in Building 10 at the property located at 9692 Doyle Tunnel
Hernandezburgh, ID 65224. This Office facility consists of approximately 7866 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-10-14, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $17,521.51. This figure is scheduled for an annual increase based on a 2.47% escalation rate. A security deposit of $35,043.02 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 270 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 is permitted subject to standard conditions.

Per section 10.1, Chambers-Collins 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 Fernandez, Pace and Wood Inc.. Late payments of rent will accrue interest at a rate of 5.1% 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-2024-7901",
  "parties": {
    "lessor_details": {
      "name": "Fernandez, Pace and Wood Inc.",
      "entity_type": "Corporation",
      "address": "3227 Castro Trace Apt. 886\nKellyborough, NM 75711"
    },
    "lessee_details": {
      "name": "Chambers-Collins",
      "entity_type": "LLC",
      "address": "4052 Brown Hill Suite 467\nWest Donaldport, OH 01168"
    }
  },
  "property_details": {
    "address": "9692 Doyle Tunnel\nHernandezburgh, ID 65224",
    "property_type": "Office",
    "lease_area_description": "Partial suite 30A in Building 10",
    "square_footage_sqft": 7866
  },
  "lease_terms": {
    "effective_date": "2024-07-28",
    "commencement_date": "2024-10-14",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 17521.51,
      "annual_escalation_rate_percent": 2.47,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (7.05%)",
        "estimated_monthly_amount_usd": 2628.23
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (18.85%)",
        "estimated_monthly_amount_usd": 1752.15
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 35043.02,
    "late_payment_interest_rate_percent": 5.1
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Rhode Island",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Fernandez, Pace and Wood Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Fernandez, Pace and Wood Inc.",
        "Collins-Williams Mortgage Corp."
      ]
    }
  ]
}