<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-2024-8503
Status: Under Review
Governing Jurisdiction: Montana

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Copeland-White LLC, and the Tenant, Johnson, Smith and Parker. 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 2024-04-10.

The subject of this lease concerns the Partial unit 39B in Building 7 at the property located at 321 Perez Manor Apt. 452
Port Nicolefort, TX 93644. This Office facility consists of the specified area and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-24, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $160,706.34. This figure is scheduled for an annual increase based on a 1.89% escalation rate. A security deposit of $321,412.68 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 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, Johnson, Smith and Parker 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 Copeland-White LLC. 

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-2024-8503",
  "parties": {
    "lessor_details": {
      "name": "Copeland-White LLC",
      "entity_type": "Corporation",
      "address": "0242 Mary Avenue Suite 363\nEast Patricia, MN 69938"
    },
    "lessee_details": {
      "name": "Johnson, Smith and Parker",
      "entity_type": "Corporation"
    }
  },
  "property_details": {
    "address": "321 Perez Manor Apt. 452\nPort Nicolefort, TX 93644",
    "property_type": "Office",
    "lease_area_description": "Partial unit 39B in Building 7"
  },
  "lease_terms": {
    "effective_date": "2024-04-10",
    "commencement_date": "2024-05-24",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 160706.34,
      "annual_escalation_rate_percent": 1.89,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (22.58%)",
        "estimated_monthly_amount_usd": 24105.95
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (5.06%)",
        "estimated_monthly_amount_usd": 16070.63
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 321412.68
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Montana",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Copeland-White LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Copeland-White LLC",
        "Manning-Brandt Mortgage Corp."
      ]
    }
  ]
}