<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-2023-7229
Status: Executed
Governing Jurisdiction: West Virginia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Burke Ltd Properties, and the Tenant, Lee-Cole. 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 2023-08-23.

The subject of this lease concerns the Entire suite 16B in Building 9 at the property located at 4230 Perez Skyway Apt. 166
Port Christopher, MO 90066. This Mixed-Use facility consists of approximately 15251 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2023-09-01, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $56,555.79. This figure is scheduled for an annual increase based on a 3.5% escalation rate. A security deposit of $56,555.79 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 is permitted subject to standard conditions.

Per section 10.1, Lee-Cole 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 Burke Ltd Properties. Late payments of rent will accrue interest at a rate of 18.0% 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-2023-7229",
  "parties": {
    "lessor_details": {
      "name": "Burke Ltd Properties",
      "entity_type": "Limited Partnership",
      "address": "0630 Young Mountains\nNorth Norma, MA 84258"
    },
    "lessee_details": {
      "name": "Lee-Cole",
      "entity_type": "S-Corp",
      "address": "91625 Cory Locks Apt. 497\nWest John, VI 63429"
    }
  },
  "property_details": {
    "address": "4230 Perez Skyway Apt. 166\nPort Christopher, MO 90066",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire suite 16B in Building 9",
    "square_footage_sqft": 15251
  },
  "lease_terms": {
    "effective_date": "2023-08-23",
    "commencement_date": "2023-09-01",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 56555.79,
      "annual_escalation_rate_percent": 3.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (7.73%)",
        "estimated_monthly_amount_usd": 8483.37
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (5.01%)",
        "estimated_monthly_amount_usd": 5655.58
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 56555.79,
    "late_payment_interest_rate_percent": 18.0
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "West Virginia",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Burke Ltd Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Burke Ltd Properties",
        "Melton, Powell and Peterson Mortgage Corp."
      ]
    }
  ]
}