<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-2024-5630
Status: Executed
Governing Jurisdiction: Pennsylvania

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Burke, Cochran and Meyer Ventures, and the Tenant, Jackson, Green and Lee. 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 2024-04-12.

The subject of this lease concerns the Entire unit 10A in Building 2 at the property located at 5931 Santiago Manor
Stuartmouth, AL 94054. This Mixed-Use facility consists of approximately 14539 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-05, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $43,277.76. This figure is scheduled for an annual increase based on a 2.68% escalation rate. A security deposit of $43,277.76 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 270 days' prior notice. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Jackson, Green and Lee 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 Burke, Cochran and Meyer Ventures. Late payments of rent will accrue interest at a rate of 6.9% 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-2024-5630",
  "parties": {
    "lessor_details": {
      "name": "Burke, Cochran and Meyer Ventures",
      "entity_type": "LLC",
      "address": "36824 Turner Grove Apt. 590\nChristopherbury, MA 70993"
    },
    "lessee_details": {
      "name": "Jackson, Green and Lee",
      "entity_type": "Corporation",
      "address": "1898 Gregory Fort Suite 317\nSouth Meganchester, MP 86860"
    }
  },
  "property_details": {
    "address": "5931 Santiago Manor\nStuartmouth, AL 94054",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire unit 10A in Building 2",
    "square_footage_sqft": 14539
  },
  "lease_terms": {
    "effective_date": "2024-04-12",
    "commencement_date": "2024-05-05",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 43277.76,
      "annual_escalation_rate_percent": 2.68,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (23.07%)",
        "estimated_monthly_amount_usd": 6491.66
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (25.0%)",
        "estimated_monthly_amount_usd": 4327.78
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 43277.76,
    "late_payment_interest_rate_percent": 6.9
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Pennsylvania",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Burke, Cochran and Meyer Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Burke, Cochran and Meyer Ventures",
        "Payne Group Mortgage Corp."
      ]
    }
  ]
}