<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-2023-2724
Status: Under Review
Governing Jurisdiction: Illinois

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Bowers, Hill and Owens LLC, and the Tenant, Burgess Inc. 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 2023-12-12.

The subject of this lease concerns the Entire floor 6A in Building 5 at the property located at 54332 Jacqueline Rest
Curtisview, AS 71991. This Office facility consists of approximately 10649 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-23, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $53,245.00. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $106,490.00 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 365 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, Burgess Inc 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 Bowers, Hill and Owens LLC. Late payments of rent will accrue interest at a rate of 5.8% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 90 days' notice and involves a penalty structured as 11 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-2023-2724",
  "parties": {
    "lessor_details": {
      "name": "Bowers, Hill and Owens LLC",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Burgess Inc",
      "entity_type": "LLC",
      "address": "3021 Fernando Avenue Apt. 908\nWilliambury, AS 02265"
    }
  },
  "property_details": {
    "address": "54332 Jacqueline Rest\nCurtisview, AS 71991",
    "property_type": "Office",
    "lease_area_description": "Entire floor 6A in Building 5",
    "square_footage_sqft": 10649
  },
  "lease_terms": {
    "effective_date": "2023-12-12",
    "commencement_date": "2024-01-23",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 53245.0,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (14.51%)",
        "estimated_monthly_amount_usd": 7986.75
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (14.87%)",
        "estimated_monthly_amount_usd": 5324.5
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 106490.0,
    "late_payment_interest_rate_percent": 5.8
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Illinois",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Bowers, Hill and Owens LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Bowers, Hill and Owens LLC",
        "Stephens LLC Mortgage Corp."
      ]
    }
  ]
}