<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-2024-5700
Status: Amended
Governing Jurisdiction: Michigan

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Miller-Chase Properties, and the Tenant, Neal-Ramirez. 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 2024-08-02.

The subject of this lease concerns the Partial suite 49B in Building 6 at the property located at 533 Butler Junction Suite 283
Scottside, MS 68982. This Retail facility consists of approximately 24141 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-09-20, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $99,501.16. This figure is scheduled for an annual increase based on a 3.08% escalation rate. A security deposit of $99,501.16 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 90 days' prior notice. During any such renewal, the rent will be adjusted according to Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Neal-Ramirez 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 Miller-Chase Properties. 

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-2024-5700",
  "parties": {
    "lessor_details": {
      "name": "Miller-Chase Properties",
      "entity_type": "LLC",
      "address": "35063 Proctor Spring Apt. 314\nWalkerburgh, CO 51271"
    },
    "lessee_details": {
      "name": "Neal-Ramirez",
      "entity_type": "S-Corp",
      "address": "71991 Vasquez Ridge Suite 260\nMartintown, AL 11684"
    }
  },
  "property_details": {
    "address": "533 Butler Junction Suite 283\nScottside, MS 68982",
    "property_type": "Retail",
    "lease_area_description": "Partial suite 49B in Building 6",
    "square_footage_sqft": 24141
  },
  "lease_terms": {
    "effective_date": "2024-08-02",
    "commencement_date": "2024-09-20",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 99501.16,
      "annual_escalation_rate_percent": 3.08,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (20.79%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (16.78%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 99501.16
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Michigan",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Miller-Chase Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Miller-Chase Properties",
        "Mason, Mitchell and Meadows Mortgage Corp."
      ]
    }
  ]
}