<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-2023-2380
Status: Executed
Governing Jurisdiction: Virginia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Mcguire LLC LLC, and the Tenant, Jenkins, Solis and Atkinson. 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 2023-11-21.

The subject of this lease concerns the Partial floor 41A in Building 7 at the property located at 665 Ellis Roads
North Madisonshire, DC 42114. This Office facility consists of the specified area and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-21, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $215,120.00. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $215,120.00 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 180 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, Jenkins, Solis and Atkinson 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 Mcguire LLC LLC. Late payments of rent will accrue interest at a rate of 6.7% 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-2023-2380",
  "parties": {
    "lessor_details": {
      "name": "Mcguire LLC LLC",
      "entity_type": "LLC",
      "address": "78065 Teresa Crescent\nHansonland, MP 75299"
    },
    "lessee_details": {
      "name": "Jenkins, Solis and Atkinson",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "665 Ellis Roads\nNorth Madisonshire, DC 42114",
    "property_type": "Office",
    "lease_area_description": "Partial floor 41A in Building 7"
  },
  "lease_terms": {
    "effective_date": "2023-11-21",
    "commencement_date": "2023-12-21",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 180
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 215120.0,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (21.09%)",
        "estimated_monthly_amount_usd": 32268.0
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (11.81%)",
        "estimated_monthly_amount_usd": 21512.0
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 215120.0,
    "late_payment_interest_rate_percent": 6.7
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Virginia",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Mcguire LLC LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Mcguire LLC LLC",
        "Little, Freeman and Warren Mortgage Corp."
      ]
    }
  ]
}