<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-2024-5224
Status: Draft
Governing Jurisdiction: Massachusetts

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Anderson LLC Inc., and the Tenant, Brown, Gonzalez and Allen. 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 2024-03-15.

The subject of this lease concerns the Entire suite 8A in Building 4 at the property located at 4865 Sherry Overpass
Russoshire, CO 80416. This Warehouse facility consists of the specified area and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-06, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $31,606.57. This figure is scheduled for an annual increase based on a 1.66% escalation rate. A security deposit of $31,606.57 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 90 days' prior notice. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Brown, Gonzalez and Allen 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 Anderson LLC Inc.. 

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-2024-5224",
  "parties": {
    "lessor_details": {
      "name": "Anderson LLC Inc.",
      "entity_type": "Limited Partnership",
      "address": "0956 Silva Mountains Suite 903\nEast Marialand, NV 83157"
    },
    "lessee_details": {
      "name": "Brown, Gonzalez and Allen",
      "entity_type": "Corporation",
      "address": "3957 Mason Parkway\nLake Jessica, OR 99043"
    }
  },
  "property_details": {
    "address": "4865 Sherry Overpass\nRussoshire, CO 80416",
    "property_type": "Warehouse",
    "lease_area_description": "Entire suite 8A in Building 4"
  },
  "lease_terms": {
    "effective_date": "2024-03-15",
    "commencement_date": "2024-05-06",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 31606.57,
      "annual_escalation_rate_percent": 1.66,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (20.90%)",
        "estimated_monthly_amount_usd": 4740.99
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (25.0%)",
        "estimated_monthly_amount_usd": 3160.66
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 31606.57
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Massachusetts",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Anderson LLC Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Anderson LLC Inc.",
        "Hayes-Wagner Mortgage Corp."
      ]
    }
  ]
}