<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-2024-1181
Status: Draft
Governing Jurisdiction: Kentucky

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Sanchez-Johnson LLC, and the Tenant, Allen, Price and Parker. 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 suite 38B in Building 7 at the property located at 36837 David Well
Lake Daniel, ME 78510. This Office 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 2024-05-26, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $130,012.07. This figure is scheduled for an annual increase based on a 3.66% escalation rate. A security deposit of $130,012.07 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 90 days' prior notice. During any such renewal, the rent will be adjusted according to Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Allen, Price and Parker is required to maintain, at minimum, a Commercial General Liability policy of $5,000,000. The certificate of insurance must name all parties as stipulated, including Sanchez-Johnson LLC. 

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-2024-1181",
  "parties": {
    "lessor_details": {
      "name": "Sanchez-Johnson LLC",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Allen, Price and Parker",
      "entity_type": "Corporation",
      "address": "PSC 3587, Box 2198\nAPO AP 19559"
    }
  },
  "property_details": {
    "address": "36837 David Well\nLake Daniel, ME 78510",
    "property_type": "Office",
    "lease_area_description": "Partial suite 38B in Building 7"
  },
  "lease_terms": {
    "effective_date": "2024-03-26",
    "commencement_date": "2024-05-26",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 130012.07,
      "annual_escalation_rate_percent": 3.66,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (21.35%)",
        "estimated_monthly_amount_usd": 19501.81
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (9.76%)",
        "estimated_monthly_amount_usd": 13001.21
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 130012.07
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Kentucky",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Sanchez-Johnson LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Sanchez-Johnson LLC",
        "Moreno-Hart Mortgage Corp."
      ]
    }
  ]
}