<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-2024-1334
Status: Amended
Governing Jurisdiction: Tennessee

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Jones-Lee Ventures, and the Tenant, Vega, Nichols and White. 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 2024-04-13.

The subject of this lease concerns the Entire floor 5A in Building 6 at the property located at 8244 Foster Station Suite 891
North Samantha, VI 27911. This Office facility consists of approximately 20103 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-07-02, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $74,682.65. This figure is scheduled for an annual increase based on a 2.73% escalation rate. A security deposit of $149,365.30 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 270 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, Vega, Nichols and White 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 Jones-Lee Ventures. Late payments of rent will accrue interest at a rate of 11.5% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 60 days' notice and involves a penalty structured as 9 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-2024-1334",
  "parties": {
    "lessor_details": {
      "name": "Jones-Lee Ventures",
      "entity_type": "LLC",
      "address": "543 Adam Road Suite 482\nWest Stephanieberg, IL 89392"
    },
    "lessee_details": {
      "name": "Vega, Nichols and White",
      "entity_type": "S-Corp",
      "address": "23947 Michael Forges\nPort Traviston, AR 87975"
    }
  },
  "property_details": {
    "address": "8244 Foster Station Suite 891\nNorth Samantha, VI 27911",
    "property_type": "Office",
    "lease_area_description": "Entire floor 5A in Building 6",
    "square_footage_sqft": 20103
  },
  "lease_terms": {
    "effective_date": "2024-04-13",
    "commencement_date": "2024-07-02",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 74682.65,
      "annual_escalation_rate_percent": 2.73,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (6.72%)",
        "estimated_monthly_amount_usd": 11202.4
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (18.26%)",
        "estimated_monthly_amount_usd": 7468.26
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 149365.3,
    "late_payment_interest_rate_percent": 11.5
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Tennessee",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Jones-Lee Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Jones-Lee Ventures",
        "Waters, Peck and Smith Mortgage Corp."
      ]
    }
  ]
}