<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-2024-6169
Status: Draft
Governing Jurisdiction: Louisiana

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Bridges, Conrad and Ware Properties, and the Tenant, Williams-Vincent. 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 2024-03-26.

The subject of this lease concerns the Partial unit 1B in Building 1 at the property located at 01415 Henderson Mount
Griffinhaven, TX 28449. This Mixed-Use facility consists of approximately 40271 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-04-17, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $127,289.92. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $127,289.92 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 CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Williams-Vincent 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 Bridges, Conrad and Ware Properties. 

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-2024-6169",
  "parties": {
    "lessor_details": {
      "name": "Bridges, Conrad and Ware Properties",
      "entity_type": "Corporation",
      "address": "Unit 4729 Box 4048\nDPO AA 69963"
    },
    "lessee_details": {
      "name": "Williams-Vincent",
      "entity_type": "LLC",
      "address": "98824 Perez Garden Apt. 380\nEast Mackenzie, MD 35145"
    }
  },
  "property_details": {
    "address": "01415 Henderson Mount\nGriffinhaven, TX 28449",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial unit 1B in Building 1",
    "square_footage_sqft": 40271
  },
  "lease_terms": {
    "effective_date": "2024-03-26",
    "commencement_date": "2024-04-17",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 365
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 127289.92,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (22.06%)",
        "estimated_monthly_amount_usd": 19093.49
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (6.90%)",
        "estimated_monthly_amount_usd": 12728.99
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 127289.92
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Louisiana",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Bridges, Conrad and Ware Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Bridges, Conrad and Ware Properties",
        "Burgess, Wyatt and Welch Mortgage Corp."
      ]
    }
  ]
}