<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-2024-2307
Status: Executed
Governing Jurisdiction: Kansas

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Anderson LLC Properties, and the Tenant, Boyd-Brown. 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 2024-06-06.

The subject of this lease concerns the Entire floor 3B in Building 6 at the property located at 5716 Christopher Junctions Suite 651
Port Joel, IA 95845. This Mixed-Use facility consists of approximately 26245 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-08-09, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $95,772.38. This figure is scheduled for an annual increase based on a 3.7% escalation rate. A security deposit of $191,544.76 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 Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Boyd-Brown 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 Anderson LLC Properties. Late payments of rent will accrue interest at a rate of 5.3% 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-2024-2307",
  "parties": {
    "lessor_details": {
      "name": "Anderson LLC Properties",
      "entity_type": "LLC",
      "address": "6718 Martin Parks\nNew Carolyn, PW 50870"
    },
    "lessee_details": {
      "name": "Boyd-Brown",
      "entity_type": "LLC",
      "address": "0846 Frederick Streets\nMoorebury, CT 07863"
    }
  },
  "property_details": {
    "address": "5716 Christopher Junctions Suite 651\nPort Joel, IA 95845",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire floor 3B in Building 6",
    "square_footage_sqft": 26245
  },
  "lease_terms": {
    "effective_date": "2024-06-06",
    "commencement_date": "2024-08-09",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 95772.38,
      "annual_escalation_rate_percent": 3.7,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (9.24%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (16.10%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 191544.76,
    "late_payment_interest_rate_percent": 5.3
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Kansas",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Anderson LLC Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Anderson LLC Properties",
        "Hill, Moody and Rose Mortgage Corp."
      ]
    }
  ]
}