<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-2024-8031
Status: Under Review
Governing Jurisdiction: Virginia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Romero, Saunders and Mcbride Ventures, and the Tenant, Thomas, Hogan and Alexander. 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 2024-01-12.

The subject of this lease concerns the Partial floor 50A in Building 2 at the property located at 2001 Smith Ferry Suite 985
Lorishire, RI 24436. This Office facility consists of approximately 21702 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-02-16, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $65,612.38. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $131,224.76 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, Thomas, Hogan and Alexander 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 Romero, Saunders and Mcbride Ventures. Late payments of rent will accrue interest at a rate of 15.9% 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-2024-8031",
  "parties": {
    "lessor_details": {
      "name": "Romero, Saunders and Mcbride Ventures",
      "entity_type": "LLC",
      "address": "23116 Luna Corners\nNorth Alyssaland, GA 33602"
    },
    "lessee_details": {
      "name": "Thomas, Hogan and Alexander",
      "entity_type": "LLC",
      "address": "238 Jones Court Apt. 755\nSouth Davidside, WI 56750"
    }
  },
  "property_details": {
    "address": "2001 Smith Ferry Suite 985\nLorishire, RI 24436",
    "property_type": "Office",
    "lease_area_description": "Partial floor 50A in Building 2",
    "square_footage_sqft": 21702
  },
  "lease_terms": {
    "effective_date": "2024-01-12",
    "commencement_date": "2024-02-16",
    "initial_term_months": 120,
    "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
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 65612.38,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (6.63%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (9.21%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 131224.76,
    "late_payment_interest_rate_percent": 15.9
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Virginia",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Romero, Saunders and Mcbride Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Romero, Saunders and Mcbride Ventures",
        "Maldonado Inc Mortgage Corp."
      ]
    }
  ]
}