<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-2023-2278
Status: Amended
Governing Jurisdiction: Ohio

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Bishop Inc LLC, and the Tenant, Braun-Taylor. 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 2023-12-23.

The subject of this lease concerns the Partial floor 40 in Building 3 at the property located at 62265 Jones Grove Suite 069
Williamsshire, PA 18563. This Warehouse facility consists of approximately 11501 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-26, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $29,500.06. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $29,500.06 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months. During any such renewal, the rent will be adjusted according to CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Braun-Taylor 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 Bishop Inc LLC. Late payments of rent will accrue interest at a rate of 17.5% 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-2023-2278",
  "parties": {
    "lessor_details": {
      "name": "Bishop Inc LLC",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Braun-Taylor",
      "entity_type": "S-Corp",
      "address": "Unit 1912 Box 7597\nDPO AE 01301"
    }
  },
  "property_details": {
    "address": "62265 Jones Grove Suite 069\nWilliamsshire, PA 18563",
    "property_type": "Warehouse",
    "lease_area_description": "Partial floor 40 in Building 3",
    "square_footage_sqft": 11501
  },
  "lease_terms": {
    "effective_date": "2023-12-23",
    "commencement_date": "2024-01-26",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 29500.06,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (5.14%)",
        "estimated_monthly_amount_usd": 4425.01
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (22.17%)",
        "estimated_monthly_amount_usd": 2950.01
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 29500.06,
    "late_payment_interest_rate_percent": 17.5
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Ohio",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Bishop Inc LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Bishop Inc LLC",
        "Tucker, Boone and Schroeder Mortgage Corp."
      ]
    }
  ]
}