<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-2024-9649
Status: Executed
Governing Jurisdiction: Arkansas

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Taylor-Reyes Ventures, and the Tenant, Bridges 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 2024-04-05.

The subject of this lease concerns the Entire floor 34 in Building 8 at the property located at 91221 Kim Pass
West Melissa, DE 50968. This Office facility consists of approximately 25176 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-07, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $113,354.94. This figure is scheduled for an annual increase based on a 2.18% escalation rate. A security deposit of $226,709.88 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, Bridges and Sons 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 Taylor-Reyes Ventures. Late payments of rent will accrue interest at a rate of 15.3% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 180 days' notice and involves a penalty structured as 4 months' rent plus unamortized transaction costs.

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-2024-9649",
  "parties": {
    "lessor_details": {
      "name": "Taylor-Reyes Ventures",
      "entity_type": "Corporation",
      "address": "523 Tran Squares\nMyersbury, SD 55548"
    },
    "lessee_details": {
      "name": "Bridges and Sons",
      "entity_type": "LLC",
      "address": "8532 David Circles\nClarkville, IL 29844"
    }
  },
  "property_details": {
    "address": "91221 Kim Pass\nWest Melissa, DE 50968",
    "property_type": "Office",
    "lease_area_description": "Entire floor 34 in Building 8",
    "square_footage_sqft": 25176
  },
  "lease_terms": {
    "effective_date": "2024-04-05",
    "commencement_date": "2024-05-07",
    "initial_term_months": 60,
    "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": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "4 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 113354.94,
      "annual_escalation_rate_percent": 2.18,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (6.73%)",
        "estimated_monthly_amount_usd": 17003.24
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (6.78%)",
        "estimated_monthly_amount_usd": 11335.49
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 226709.88,
    "late_payment_interest_rate_percent": 15.3
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Arkansas",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Taylor-Reyes Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Taylor-Reyes Ventures",
        "Odom PLC Mortgage Corp."
      ]
    }
  ]
}