<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-2023-5506
Status: Executed
Governing Jurisdiction: Wyoming

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Mccoy, Carter and Fischer Holdings, and the Tenant, May Group. 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 2023-08-17.

The subject of this lease concerns the Partial suite 5A in Building 2 at the property located at 05437 Sarah Expressway
East Amber, WV 73058. This Industrial facility consists of approximately 6055 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2023-10-23, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $14,254.48. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $14,254.48 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 180 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 is permitted subject to standard conditions.

Per section 10.1, May Group 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 Mccoy, Carter and Fischer Holdings. 

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-2023-5506",
  "parties": {
    "lessor_details": {
      "name": "Mccoy, Carter and Fischer Holdings",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "May Group",
      "entity_type": "Corporation",
      "address": "PSC 8736, Box 8116\nAPO AE 23174"
    }
  },
  "property_details": {
    "address": "05437 Sarah Expressway\nEast Amber, WV 73058",
    "property_type": "Industrial",
    "lease_area_description": "Partial suite 5A in Building 2",
    "square_footage_sqft": 6055
  },
  "lease_terms": {
    "effective_date": "2023-08-17",
    "commencement_date": "2023-10-23",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 14254.48,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.78%)",
        "estimated_monthly_amount_usd": 2138.17
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (24.81%)",
        "estimated_monthly_amount_usd": 1425.45
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 14254.48
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Wyoming",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Mccoy, Carter and Fischer Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Mccoy, Carter and Fischer Holdings",
        "Lynch, Davis and Peterson Mortgage Corp."
      ]
    }
  ]
}