<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-2023-9069
Status: Executed
Governing Jurisdiction: Delaware

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Joyce, Warren and Stanley Holdings, and the Tenant, Frost, Page and Wolfe. 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 2023-11-23.

The subject of this lease concerns the Entire unit 5A in Building 10 at the property located at 27445 Brad Brook Suite 588
Andersonberg, TN 99603. This Mixed-Use facility consists of approximately 45482 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-13, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $177,304.00. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $354,608.00 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 Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Frost, Page and Wolfe 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 Joyce, Warren and Stanley Holdings. 

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-2023-9069",
  "parties": {
    "lessor_details": {
      "name": "Joyce, Warren and Stanley Holdings",
      "entity_type": "LLC",
      "address": "477 Lewis Hollow\nCynthiafort, AK 65817"
    },
    "lessee_details": {
      "name": "Frost, Page and Wolfe",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "27445 Brad Brook Suite 588\nAndersonberg, TN 99603",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire unit 5A in Building 10",
    "square_footage_sqft": 45482
  },
  "lease_terms": {
    "effective_date": "2023-11-23",
    "commencement_date": "2023-12-13",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 177304.0,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (21.03%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (8.08%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 354608.0
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Delaware",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Joyce, Warren and Stanley Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Joyce, Warren and Stanley Holdings",
        "Williams, Hall and Abbott Mortgage Corp."
      ]
    }
  ]
}