<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-2024-7993
Status: Under Review
Governing Jurisdiction: Kansas

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Wood LLC Inc., and the Tenant, Jordan LLC. 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 floor 45 in Building 7 at the property located at 7579 Madeline Corner
Kennedyville, OH 93290. 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 2024-03-15, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $112,971.75. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $225,943.50 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Jordan LLC 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 Wood LLC Inc.. Note the existence of a Co-tenancy Failure clause, which can be triggered with 90 days' notice and involves a penalty structured as 3 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-2024-7993",
  "parties": {
    "lessor_details": {
      "name": "Wood LLC Inc.",
      "entity_type": "Limited Partnership",
      "address": "891 John Forge\nCooperland, UT 27804"
    },
    "lessee_details": {
      "name": "Jordan LLC",
      "entity_type": "S-Corp",
      "address": "3780 Rachael Motorway Suite 747\nSouth Heidi, MH 69602"
    }
  },
  "property_details": {
    "address": "7579 Madeline Corner\nKennedyville, OH 93290",
    "property_type": "Warehouse",
    "lease_area_description": "Partial floor 45 in Building 7"
  },
  "lease_terms": {
    "effective_date": "2024-01-17",
    "commencement_date": "2024-03-15",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 112971.75,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.06%)",
        "estimated_monthly_amount_usd": 16945.76
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (12.09%)",
        "estimated_monthly_amount_usd": 11297.18
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 225943.5
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Kansas",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Wood LLC Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Wood LLC Inc.",
        "Armstrong, Smith and Marquez Mortgage Corp."
      ]
    }
  ]
}