<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-2023-1381
Status: Under Review
Governing Jurisdiction: Tennessee

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Sanders and Sons Inc., and the Tenant, Clarke, Jones and James. 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 Partial unit 25A in Building 6 at the property located at Unit 4836 Box 3991
DPO AA 93498. This Warehouse facility consists of approximately 18998 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-20, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $76,530.28. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $153,060.56 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 Fair Market Value. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Clarke, Jones and James is required to maintain, at minimum, a Commercial General Liability policy of $5,000,000. The certificate of insurance must name all parties as stipulated, including Sanders and Sons Inc.. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 180 days' notice and involves a penalty structured as 6 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-2023-1381",
  "parties": {
    "lessor_details": {
      "name": "Sanders and Sons Inc.",
      "entity_type": "LLC",
      "address": "16321 Brown Port\nFlynnchester, OR 43550"
    },
    "lessee_details": {
      "name": "Clarke, Jones and James",
      "entity_type": "Corporation",
      "address": "8400 Allen Stream Apt. 129\nFleminghaven, VT 23799"
    }
  },
  "property_details": {
    "address": "Unit 4836 Box 3991\nDPO AA 93498",
    "property_type": "Warehouse",
    "lease_area_description": "Partial unit 25A in Building 6",
    "square_footage_sqft": 18998
  },
  "lease_terms": {
    "effective_date": "2023-11-23",
    "commencement_date": "2024-01-20",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "6 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 76530.28,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (13.17%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (18.77%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 153060.56
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Tennessee",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Sanders and Sons Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Sanders and Sons Inc.",
        "Estes-Cardenas Mortgage Corp."
      ]
    }
  ]
}