<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-2023-8550
Status: Amended
Governing Jurisdiction: West Virginia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Brown LLC Holdings, and the Tenant, Clark, Schaefer and Pacheco. 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 2023-12-22.

The subject of this lease concerns the Entire floor 13B in Building 7 at the property located at 78308 Allen Highway
Wilsonton, NV 84538. This Mixed-Use facility consists of the specified area and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-14, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $55,123.47. This figure is scheduled for an annual increase based on a 2.54% escalation rate. A security deposit of $110,246.94 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months. During any such renewal, the rent will be adjusted according to CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Clark, Schaefer and Pacheco 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 Brown LLC Holdings. Late payments of rent will accrue interest at a rate of 8.7% 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-2023-8550",
  "parties": {
    "lessor_details": {
      "name": "Brown LLC Holdings",
      "entity_type": "Limited Partnership",
      "address": "087 Darren Ramp Apt. 985\nWest Anthony, SC 18896"
    },
    "lessee_details": {
      "name": "Clark, Schaefer and Pacheco",
      "entity_type": "LLC",
      "address": "048 Ana Harbor\nCathyton, SC 88098"
    }
  },
  "property_details": {
    "address": "78308 Allen Highway\nWilsonton, NV 84538",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire floor 13B in Building 7"
  },
  "lease_terms": {
    "effective_date": "2023-12-22",
    "commencement_date": "2024-03-14",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "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": 55123.47,
      "annual_escalation_rate_percent": 2.54,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (19.18%)",
        "estimated_monthly_amount_usd": 8268.52
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (13.30%)",
        "estimated_monthly_amount_usd": 5512.35
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 110246.94,
    "late_payment_interest_rate_percent": 8.7
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "West Virginia",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Brown LLC Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Brown LLC Holdings",
        "Cooley, Brown and Reed Mortgage Corp."
      ]
    }
  ]
}