<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-2023-2640
Status: Executed
Governing Jurisdiction: Arizona

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Short-Morris Holdings, and the Tenant, Perez-Greer. 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 2023-10-21.

The subject of this lease concerns the Entire suite 7A in Building 8 at the property located at 692 Dalton Vista Apt. 381
Santosville, IL 32715. This Retail 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 2023-12-14, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $25,398.34. This figure is scheduled for an annual increase based on a 3.0% escalation rate. A security deposit of $25,398.34 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 Fair Market Value. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Perez-Greer is required to maintain, at minimum, a Commercial General Liability policy of $2,000,000. The certificate of insurance must name all parties as stipulated, including Short-Morris Holdings. Late payments of rent will accrue interest at a rate of 13.3% 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-2023-2640",
  "parties": {
    "lessor_details": {
      "name": "Short-Morris Holdings",
      "entity_type": "Limited Partnership",
      "address": "4480 Gregory Parkway Apt. 779\nStevenstown, OH 53971"
    },
    "lessee_details": {
      "name": "Perez-Greer",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "692 Dalton Vista Apt. 381\nSantosville, IL 32715",
    "property_type": "Retail",
    "lease_area_description": "Entire suite 7A in Building 8"
  },
  "lease_terms": {
    "effective_date": "2023-10-21",
    "commencement_date": "2023-12-14",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 25398.34,
      "annual_escalation_rate_percent": 3.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.19%)",
        "estimated_monthly_amount_usd": 3809.75
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (5.23%)",
        "estimated_monthly_amount_usd": 2539.83
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 25398.34,
    "late_payment_interest_rate_percent": 13.3
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Arizona",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Short-Morris Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Short-Morris Holdings",
        "Barrett Group Mortgage Corp."
      ]
    }
  ]
}