<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-2023-9560
Status: Under Review
Governing Jurisdiction: South Carolina

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Smith PLC LLC, and the Tenant, Bradley-Cook. 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 2023-09-19.

The subject of this lease concerns the Entire floor 23B in Building 6 at the property located at 7380 Kyle Lodge Apt. 643
Pageside, VT 82784. This Office 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 2023-11-30, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $37,338.56. This figure is scheduled for an annual increase based on a 2.53% escalation rate. A security deposit of $37,338.56 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 270 days' prior notice. 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, Bradley-Cook 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 Smith PLC LLC. Late payments of rent will accrue interest at a rate of 17.9% 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-2023-9560",
  "parties": {
    "lessor_details": {
      "name": "Smith PLC LLC",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Bradley-Cook",
      "entity_type": "LLC",
      "address": "4907 Anna Point\nWest Travisborough, ID 05607"
    }
  },
  "property_details": {
    "address": "7380 Kyle Lodge Apt. 643\nPageside, VT 82784",
    "property_type": "Office",
    "lease_area_description": "Entire floor 23B in Building 6"
  },
  "lease_terms": {
    "effective_date": "2023-09-19",
    "commencement_date": "2023-11-30",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 37338.56,
      "annual_escalation_rate_percent": 2.53,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (15.37%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (23.22%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 37338.56,
    "late_payment_interest_rate_percent": 17.9
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "South Carolina",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Smith PLC LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Smith PLC LLC",
        "Jackson-Walsh Mortgage Corp."
      ]
    }
  ]
}