<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-2023-3768
Status: Under Review
Governing Jurisdiction: Rhode Island

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Adams, Ortiz and Barnes Holdings, and the Tenant, Lewis-Schaefer. 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 2023-12-02.

The subject of this lease concerns the Partial floor 5B in Building 6 at the property located at 02702 Thomas Harbor Suite 690
Lake James, IN 95951. This Office 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 2024-02-28, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $74,854.22. This figure is scheduled for an annual increase based on a 3.13% escalation rate. A security deposit of $149,708.44 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 90 days' prior notice. 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 requires Landlord's explicit consent.

Per section 10.1, Lewis-Schaefer 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 Adams, Ortiz and Barnes Holdings. Late payments of rent will accrue interest at a rate of 9.9% 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 5 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-2023-3768",
  "parties": {
    "lessor_details": {
      "name": "Adams, Ortiz and Barnes Holdings",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Lewis-Schaefer",
      "entity_type": "S-Corp",
      "address": "5684 Johnson Parkways Apt. 532\nPatriciashire, AS 64066"
    }
  },
  "property_details": {
    "address": "02702 Thomas Harbor Suite 690\nLake James, IN 95951",
    "property_type": "Office",
    "lease_area_description": "Partial floor 5B in Building 6"
  },
  "lease_terms": {
    "effective_date": "2023-12-02",
    "commencement_date": "2024-02-28",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 74854.22,
      "annual_escalation_rate_percent": 3.13,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (13.45%)",
        "estimated_monthly_amount_usd": 11228.13
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (6.49%)",
        "estimated_monthly_amount_usd": 7485.42
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 149708.44,
    "late_payment_interest_rate_percent": 9.9
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Rhode Island",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Adams, Ortiz and Barnes Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Adams, Ortiz and Barnes Holdings",
        "Austin-Lopez Mortgage Corp."
      ]
    }
  ]
}