<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-2024-4470
Status: Draft
Governing Jurisdiction: Virginia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Bennett, Saunders and Ross Properties, and the Tenant, Reed, Cook and Mitchell. 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 2024-01-17.

The subject of this lease concerns the Partial unit 24B in Building 6 at the property located at USCGC Williams
FPO AE 86358. This Office facility consists of approximately 10600 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-02-05, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $49,104.50. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $98,209.00 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 Fixed 3% annual increase. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Reed, Cook and Mitchell is required to maintain, at minimum, a Commercial General Liability policy of $2,000,000. The certificate of insurance must name all parties as stipulated, including Bennett, Saunders and Ross Properties. Late payments of rent will accrue interest at a rate of 11.8% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 90 days' notice and involves a penalty structured as 4 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-2024-4470",
  "parties": {
    "lessor_details": {
      "name": "Bennett, Saunders and Ross Properties",
      "entity_type": "LLC",
      "address": "474 Johnson Tunnel\nDanaville, MP 04319"
    },
    "lessee_details": {
      "name": "Reed, Cook and Mitchell",
      "entity_type": "LLC",
      "address": "1341 Rocha Ferry\nWest Maria, OK 34011"
    }
  },
  "property_details": {
    "address": "USCGC Williams\nFPO AE 86358",
    "property_type": "Office",
    "lease_area_description": "Partial unit 24B in Building 6",
    "square_footage_sqft": 10600
  },
  "lease_terms": {
    "effective_date": "2024-01-17",
    "commencement_date": "2024-02-05",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "4 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 49104.5,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (22.38%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (24.26%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 98209.0,
    "late_payment_interest_rate_percent": 11.8
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Virginia",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Bennett, Saunders and Ross Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Bennett, Saunders and Ross Properties",
        "Sherman Group Mortgage Corp."
      ]
    }
  ]
}