<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-2024-6425
Status: Draft
Governing Jurisdiction: Montana

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Mcgrath-Clayton Holdings, and the Tenant, Cooper, Lewis and Williams. 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 2024-03-11.

The subject of this lease concerns the Entire suite 48A in Building 5 at the property located at 58311 Nicholas Fall
Autumnchester, PR 12300. This Retail facility consists of approximately 22743 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-25, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $71,773.12. This figure is scheduled for an annual increase based on a 3.43% escalation rate. A security deposit of $143,546.24 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months. During any such renewal, the rent will be adjusted according to CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Cooper, Lewis and Williams 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 Mcgrath-Clayton Holdings. Late payments of rent will accrue interest at a rate of 12.3% 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-2024-6425",
  "parties": {
    "lessor_details": {
      "name": "Mcgrath-Clayton Holdings",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Cooper, Lewis and Williams",
      "entity_type": "S-Corp",
      "address": "689 Miller Lakes Suite 101\nLewisshire, RI 53257"
    }
  },
  "property_details": {
    "address": "58311 Nicholas Fall\nAutumnchester, PR 12300",
    "property_type": "Retail",
    "lease_area_description": "Entire suite 48A in Building 5",
    "square_footage_sqft": 22743
  },
  "lease_terms": {
    "effective_date": "2024-03-11",
    "commencement_date": "2024-05-25",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 71773.12,
      "annual_escalation_rate_percent": 3.43,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (21.23%)",
        "estimated_monthly_amount_usd": 10765.97
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (15.17%)",
        "estimated_monthly_amount_usd": 7177.31
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 143546.24,
    "late_payment_interest_rate_percent": 12.3
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Montana",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Mcgrath-Clayton Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Mcgrath-Clayton Holdings",
        "Mason, Young and Soto Mortgage Corp."
      ]
    }
  ]
}