<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-2023-8556
Status: Amended
Governing Jurisdiction: Vermont

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Cherry, Jones and Robinson Properties, and the Tenant, Robertson, Richards and Marks. 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 2023-12-01.

The subject of this lease concerns the Entire floor 43A in Building 4 at the property located at 16334 Sandoval Lane
New Scott, MA 65926. This Industrial facility consists of approximately 8697 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-06, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $31,229.48. This figure is scheduled for an annual increase based on a 2.18% escalation rate. A security deposit of $62,458.96 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 Fixed 3% annual increase. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Robertson, Richards and Marks 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 Cherry, Jones and Robinson Properties. Late payments of rent will accrue interest at a rate of 17.3% 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 9 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-2023-8556",
  "parties": {
    "lessor_details": {
      "name": "Cherry, Jones and Robinson Properties",
      "entity_type": "LLC",
      "address": "00762 Brown Land Suite 448\nHeatherborough, LA 20087"
    },
    "lessee_details": {
      "name": "Robertson, Richards and Marks",
      "entity_type": "LLC",
      "address": "903 Rodriguez Underpass Apt. 295\nNorth James, NH 27163"
    }
  },
  "property_details": {
    "address": "16334 Sandoval Lane\nNew Scott, MA 65926",
    "property_type": "Industrial",
    "lease_area_description": "Entire floor 43A in Building 4",
    "square_footage_sqft": 8697
  },
  "lease_terms": {
    "effective_date": "2023-12-01",
    "commencement_date": "2023-12-06",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 31229.48,
      "annual_escalation_rate_percent": 2.18,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (10.80%)",
        "estimated_monthly_amount_usd": 4684.42
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (18.25%)",
        "estimated_monthly_amount_usd": 3122.95
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 62458.96,
    "late_payment_interest_rate_percent": 17.3
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Vermont",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Cherry, Jones and Robinson Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Cherry, Jones and Robinson Properties",
        "King, Serrano and Osborne Mortgage Corp."
      ]
    }
  ]
}