<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-2024-9608
Status: Under Review
Governing Jurisdiction: Rhode Island

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Roy PLC Ventures, and the Tenant, Burgess-Dean. 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 2024-04-07.

The subject of this lease concerns the Partial suite 39A in Building 4 at the property located at USS Melendez
FPO AP 40682. This Retail facility consists of approximately 16399 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-04-19, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $56,672.21. This figure is scheduled for an annual increase based on a 1.62% escalation rate. A security deposit of $56,672.21 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months. 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, Burgess-Dean 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 Roy PLC Ventures. Late payments of rent will accrue interest at a rate of 12.3% 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-2024-9608",
  "parties": {
    "lessor_details": {
      "name": "Roy PLC Ventures",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Burgess-Dean",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "USS Melendez\nFPO AP 40682",
    "property_type": "Retail",
    "lease_area_description": "Partial suite 39A in Building 4",
    "square_footage_sqft": 16399
  },
  "lease_terms": {
    "effective_date": "2024-04-07",
    "commencement_date": "2024-04-19",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 56672.21,
      "annual_escalation_rate_percent": 1.62,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (14.49%)",
        "estimated_monthly_amount_usd": 8500.83
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (14.45%)",
        "estimated_monthly_amount_usd": 5667.22
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 56672.21,
    "late_payment_interest_rate_percent": 12.3
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Rhode Island",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Roy PLC Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Roy PLC Ventures",
        "Conway-Cain Mortgage Corp."
      ]
    }
  ]
}