<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-2023-3439
Status: Amended
Governing Jurisdiction: Virginia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Edwards, Padilla and Skinner Inc., and the Tenant, Dunn-Davis. 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 2023-12-19.

The subject of this lease concerns the Partial suite 32A in Building 10 at the property located at USNV Durham
FPO AA 99893. This Warehouse facility consists of approximately 3570 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-11, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $12,007.10. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $12,007.10 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 365 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, Dunn-Davis 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 Edwards, Padilla and Skinner Inc.. Late payments of rent will accrue interest at a rate of 16.9% 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-2023-3439",
  "parties": {
    "lessor_details": {
      "name": "Edwards, Padilla and Skinner Inc.",
      "entity_type": "Corporation",
      "address": "230 Rivera Views\nEast Debbietown, ID 75885"
    },
    "lessee_details": {
      "name": "Dunn-Davis",
      "entity_type": "S-Corp",
      "address": "9118 Diana Forest Apt. 843\nWest Coreyville, VT 31866"
    }
  },
  "property_details": {
    "address": "USNV Durham\nFPO AA 99893",
    "property_type": "Warehouse",
    "lease_area_description": "Partial suite 32A in Building 10",
    "square_footage_sqft": 3570
  },
  "lease_terms": {
    "effective_date": "2023-12-19",
    "commencement_date": "2024-01-11",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 12007.1,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (22.19%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (5.86%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 12007.1,
    "late_payment_interest_rate_percent": 16.9
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Virginia",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Edwards, Padilla and Skinner Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Edwards, Padilla and Skinner Inc.",
        "Jones, Franklin and Sweeney Mortgage Corp."
      ]
    }
  ]
}