<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-2023-4228
Status: Draft
Governing Jurisdiction: New Jersey

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Grant-Craig Properties, and the Tenant, Hobbs, Rice and Schmidt. 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 2023-11-16.

The subject of this lease concerns the Partial suite 39A in Building 5 at the property located at 945 Steven Mews Suite 315
Tannerfurt, GU 70848. This Industrial 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 2024-02-08, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $21,979.44. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $43,958.88 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 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, Hobbs, Rice and Schmidt 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 Grant-Craig Properties. Late payments of rent will accrue interest at a rate of 11.3% 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-2023-4228",
  "parties": {
    "lessor_details": {
      "name": "Grant-Craig Properties",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Hobbs, Rice and Schmidt",
      "entity_type": "S-Corp",
      "address": "99555 Anthony Ford Apt. 134\nAlyssaview, MA 61369"
    }
  },
  "property_details": {
    "address": "945 Steven Mews Suite 315\nTannerfurt, GU 70848",
    "property_type": "Industrial",
    "lease_area_description": "Partial suite 39A in Building 5"
  },
  "lease_terms": {
    "effective_date": "2023-11-16",
    "commencement_date": "2024-02-08",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value"
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 21979.44,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (16.60%)",
        "estimated_monthly_amount_usd": 3296.92
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (23.09%)",
        "estimated_monthly_amount_usd": 2197.94
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 43958.88,
    "late_payment_interest_rate_percent": 11.3
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "New Jersey",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Grant-Craig Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Grant-Craig Properties",
        "Rivera LLC Mortgage Corp."
      ]
    }
  ]
}