<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-2024-6113
Status: Executed
Governing Jurisdiction: Missouri

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Greene, Burke and Charles Inc., and the Tenant, Lewis, Long and Bell. 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 2024-03-03.

The subject of this lease concerns the Entire floor 14B in Building 1 at the property located at 966 Michael Ridges Apt. 111
Port Christian, CT 91137. This Mixed-Use facility consists of approximately 5974 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-13, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $8,851.48. This figure is scheduled for an annual increase based on a 3.76% escalation rate. A security deposit of $8,851.48 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 270 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, Lewis, Long and Bell 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 Greene, Burke and Charles Inc.. 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-2024-6113",
  "parties": {
    "lessor_details": {
      "name": "Greene, Burke and Charles Inc.",
      "entity_type": "Limited Partnership",
      "address": "358 Brian Spring Apt. 756\nEast Kaylaton, NV 51889"
    },
    "lessee_details": {
      "name": "Lewis, Long and Bell",
      "entity_type": "LLC",
      "address": "57058 Joseph Stream Suite 717\nLewismouth, DC 81002"
    }
  },
  "property_details": {
    "address": "966 Michael Ridges Apt. 111\nPort Christian, CT 91137",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire floor 14B in Building 1",
    "square_footage_sqft": 5974
  },
  "lease_terms": {
    "effective_date": "2024-03-03",
    "commencement_date": "2024-03-13",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 8851.48,
      "annual_escalation_rate_percent": 3.76,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (9.58%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (6.15%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 8851.48,
    "late_payment_interest_rate_percent": 18.0
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Missouri",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Greene, Burke and Charles Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Greene, Burke and Charles Inc.",
        "Johnson, Turner and Allen Mortgage Corp."
      ]
    }
  ]
}