<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-2024-8524
Status: Executed
Governing Jurisdiction: Georgia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Johnson-Perry Holdings, and the Tenant, Gillespie, Carroll and Peterson. 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 2024-03-03.

The subject of this lease concerns the Entire suite 3B in Building 6 at the property located at 217 Fuentes Glens Apt. 821
North Joseph, MH 16142. This Warehouse 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 2024-05-01, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $12,481.71. This figure is scheduled for an annual increase based on a 2.21% escalation rate. A security deposit of $12,481.71 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 270 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, Gillespie, Carroll and Peterson 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 Johnson-Perry Holdings. Late payments of rent will accrue interest at a rate of 11.7% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 180 days' notice and involves a penalty structured as 12 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-2024-8524",
  "parties": {
    "lessor_details": {
      "name": "Johnson-Perry Holdings",
      "entity_type": "Corporation",
      "address": "80649 Castro Common\nBlankenshipville, OR 29681"
    },
    "lessee_details": {
      "name": "Gillespie, Carroll and Peterson",
      "entity_type": "LLC",
      "address": "658 Carter Green\nWest Christinefurt, IL 92723"
    }
  },
  "property_details": {
    "address": "217 Fuentes Glens Apt. 821\nNorth Joseph, MH 16142",
    "property_type": "Warehouse",
    "lease_area_description": "Entire suite 3B in Building 6"
  },
  "lease_terms": {
    "effective_date": "2024-03-03",
    "commencement_date": "2024-05-01",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 12481.71,
      "annual_escalation_rate_percent": 2.21,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (16.08%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (19.15%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 12481.71,
    "late_payment_interest_rate_percent": 11.7
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Georgia",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Johnson-Perry Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Johnson-Perry Holdings",
        "White, Suarez and Robinson Mortgage Corp."
      ]
    }
  ]
}