<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-2024-6499
Status: Draft
Governing Jurisdiction: Idaho

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Wright Inc LLC, and the Tenant, Chen and Sons. 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 2024-05-31.

The subject of this lease concerns the Partial suite 49B in Building 10 at the property located at 28982 Brandon Club
Lake Cathyfurt, WY 25178. 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 2024-07-06, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $38,273.71. This figure is scheduled for an annual increase based on a 3.97% escalation rate. A security deposit of $38,273.71 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months. 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, Chen and Sons 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 Wright Inc LLC. Late payments of rent will accrue interest at a rate of 13.2% 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-2024-6499",
  "parties": {
    "lessor_details": {
      "name": "Wright Inc LLC",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Chen and Sons",
      "entity_type": "Corporation",
      "address": "8580 Eric Walk Apt. 327\nMichaelhaven, UT 14643"
    }
  },
  "property_details": {
    "address": "28982 Brandon Club\nLake Cathyfurt, WY 25178",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial suite 49B in Building 10"
  },
  "lease_terms": {
    "effective_date": "2024-05-31",
    "commencement_date": "2024-07-06",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 38273.71,
      "annual_escalation_rate_percent": 3.97,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (20.03%)",
        "estimated_monthly_amount_usd": 5741.06
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (20.56%)",
        "estimated_monthly_amount_usd": 3827.37
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 38273.71,
    "late_payment_interest_rate_percent": 13.2
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Idaho",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Wright Inc LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Wright Inc LLC",
        "Bennett-Smith Mortgage Corp."
      ]
    }
  ]
}