<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-2024-2193
Status: Under Review
Governing Jurisdiction: Nevada

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Lewis Inc Inc., and the Tenant, Taylor-Smith. 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 2024-06-14.

The subject of this lease concerns the Entire floor 23 in Building 7 at the property located at 6295 Derrick Parkway
Patriciahaven, TN 70601. This Mixed-Use facility consists of approximately 21472 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-09-01, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $58,099.65. This figure is scheduled for an annual increase based on a 3.16% escalation rate. A security deposit of $58,099.65 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months. 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, Taylor-Smith 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 Lewis Inc Inc.. Note the existence of a Co-tenancy Failure clause, which can be triggered with 90 days' notice and involves a penalty structured as 5 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-2024-2193",
  "parties": {
    "lessor_details": {
      "name": "Lewis Inc Inc.",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Taylor-Smith",
      "entity_type": "Corporation",
      "address": "PSC 7749, Box 2158\nAPO AP 33845"
    }
  },
  "property_details": {
    "address": "6295 Derrick Parkway\nPatriciahaven, TN 70601",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire floor 23 in Building 7",
    "square_footage_sqft": 21472
  },
  "lease_terms": {
    "effective_date": "2024-06-14",
    "commencement_date": "2024-09-01",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 58099.65,
      "annual_escalation_rate_percent": 3.16,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (13.39%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (17.57%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 58099.65
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Nevada",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Lewis Inc Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Lewis Inc Inc.",
        "Arnold-Fleming Mortgage Corp."
      ]
    }
  ]
}