<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-2024-5701
Status: Under Review
Governing Jurisdiction: South Carolina

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Neal, Williams and Haney Ventures, and the Tenant, Perez LLC. 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 2024-03-11.

The subject of this lease concerns the Partial suite 43B in Building 4 at the property located at 4247 Monique Avenue Apt. 318
Clarkview, AS 20163. This Warehouse facility consists of approximately 38905 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-04-08, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $55,828.67. This figure is scheduled for an annual increase based on a 2.02% escalation rate. A security deposit of $55,828.67 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 requires Landlord's explicit consent.

Per section 10.1, Perez LLC 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 Neal, Williams and Haney Ventures. 

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-2024-5701",
  "parties": {
    "lessor_details": {
      "name": "Neal, Williams and Haney Ventures",
      "entity_type": "Limited Partnership",
      "address": "0060 Dorothy Rest Suite 264\nNorth Carmen, NH 68058"
    },
    "lessee_details": {
      "name": "Perez LLC",
      "entity_type": "Corporation",
      "address": "16572 Rice Lakes Suite 949\nJeremybury, VT 10350"
    }
  },
  "property_details": {
    "address": "4247 Monique Avenue Apt. 318\nClarkview, AS 20163",
    "property_type": "Warehouse",
    "lease_area_description": "Partial suite 43B in Building 4",
    "square_footage_sqft": 38905
  },
  "lease_terms": {
    "effective_date": "2024-03-11",
    "commencement_date": "2024-04-08",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 55828.67,
      "annual_escalation_rate_percent": 2.02,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (8.27%)",
        "estimated_monthly_amount_usd": 8374.3
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (13.39%)",
        "estimated_monthly_amount_usd": 5582.87
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 55828.67
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "South Carolina",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Neal, Williams and Haney Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Neal, Williams and Haney Ventures",
        "Bright and Sons Mortgage Corp."
      ]
    }
  ]
}