<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-2023-1278
Status: Draft
Governing Jurisdiction: Utah

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Franklin, Anderson and Jordan Inc., and the Tenant, Norton, Ray and Salinas. 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 2023-12-07.

The subject of this lease concerns the Partial unit 12A in Building 10 at the property located at 489 Catherine Fork Suite 860
North Jill, AK 40391. This Mixed-Use facility consists of the specified area and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-21, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $105,477.07. This figure is scheduled for an annual increase based on a 3.46% escalation rate. A security deposit of $210,954.14 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 90 days' prior notice. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Norton, Ray and Salinas 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 Franklin, Anderson and Jordan Inc.. Late payments of rent will accrue interest at a rate of 9.2% 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-2023-1278",
  "parties": {
    "lessor_details": {
      "name": "Franklin, Anderson and Jordan Inc.",
      "entity_type": "Corporation",
      "address": "96003 Logan Square Suite 315\nPort Juanfurt, CA 88608"
    },
    "lessee_details": {
      "name": "Norton, Ray and Salinas",
      "entity_type": "LLC",
      "address": "42545 Everett Prairie Apt. 629\nEast Amber, OK 09577"
    }
  },
  "property_details": {
    "address": "489 Catherine Fork Suite 860\nNorth Jill, AK 40391",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial unit 12A in Building 10"
  },
  "lease_terms": {
    "effective_date": "2023-12-07",
    "commencement_date": "2023-12-21",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 105477.07,
      "annual_escalation_rate_percent": 3.46,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (9.75%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (16.64%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 210954.14,
    "late_payment_interest_rate_percent": 9.2
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Utah",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Franklin, Anderson and Jordan Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Franklin, Anderson and Jordan Inc.",
        "Wilkinson-Watson Mortgage Corp."
      ]
    }
  ]
}