<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-2024-1252
Status: Executed
Governing Jurisdiction: Missouri

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Flowers LLC LLC, and the Tenant, Jordan-Williams. 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 2024-03-06.

The subject of this lease concerns the Entire floor 4B in Building 2 at the property located at 48550 Melendez Union Apt. 928
Hintonstad, MI 18289. This Retail facility consists of approximately 36498 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-08, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $86,378.60. This figure is scheduled for an annual increase based on a 2.63% escalation rate. A security deposit of $172,757.20 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months. 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, Jordan-Williams 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 Flowers LLC LLC. Late payments of rent will accrue interest at a rate of 10.6% 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-2024-1252",
  "parties": {
    "lessor_details": {
      "name": "Flowers LLC LLC",
      "entity_type": "Limited Partnership",
      "address": "1997 Taylor Ports Suite 516\nEast Tiffany, MH 51853"
    },
    "lessee_details": {
      "name": "Jordan-Williams",
      "entity_type": "Corporation",
      "address": "Unit 9901 Box 5024\nDPO AP 54655"
    }
  },
  "property_details": {
    "address": "48550 Melendez Union Apt. 928\nHintonstad, MI 18289",
    "property_type": "Retail",
    "lease_area_description": "Entire floor 4B in Building 2",
    "square_footage_sqft": 36498
  },
  "lease_terms": {
    "effective_date": "2024-03-06",
    "commencement_date": "2024-05-08",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 86378.6,
      "annual_escalation_rate_percent": 2.63,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.88%)",
        "estimated_monthly_amount_usd": 12956.79
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (15.62%)",
        "estimated_monthly_amount_usd": 8637.86
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 172757.2,
    "late_payment_interest_rate_percent": 10.6
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Missouri",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Flowers LLC LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Flowers LLC LLC",
        "Wilson and Sons Mortgage Corp."
      ]
    }
  ]
}