<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-2024-8610
Status: Draft
Governing Jurisdiction: North Carolina

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Johnson and Sons Inc., and the Tenant, Bryant, Watson and Phillips. 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 2024-01-11.

The subject of this lease concerns the Entire suite 15 in Building 3 at the property located at 657 Mann Plains Apt. 365
Carrollhaven, DE 22502. This Office facility consists of approximately 47417 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-02-04, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $208,595.29. This figure is scheduled for an annual increase based on a 2.17% escalation rate. A security deposit of $208,595.29 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 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, Bryant, Watson and Phillips 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 Johnson and Sons Inc.. Late payments of rent will accrue interest at a rate of 6.0% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 60 days' notice and involves a penalty structured as 9 months' rent plus unamortized transaction costs.

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-2024-8610",
  "parties": {
    "lessor_details": {
      "name": "Johnson and Sons Inc.",
      "entity_type": "Corporation",
      "address": "839 Orozco Vista Apt. 871\nSouth Jennifer, IL 87628"
    },
    "lessee_details": {
      "name": "Bryant, Watson and Phillips",
      "entity_type": "LLC",
      "address": "519 Robertson Prairie\nSouth Adam, KY 09890"
    }
  },
  "property_details": {
    "address": "657 Mann Plains Apt. 365\nCarrollhaven, DE 22502",
    "property_type": "Office",
    "lease_area_description": "Entire suite 15 in Building 3",
    "square_footage_sqft": 47417
  },
  "lease_terms": {
    "effective_date": "2024-01-11",
    "commencement_date": "2024-02-04",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 208595.29,
      "annual_escalation_rate_percent": 2.17,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (23.96%)",
        "estimated_monthly_amount_usd": 31289.29
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (11.24%)",
        "estimated_monthly_amount_usd": 20859.53
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 208595.29,
    "late_payment_interest_rate_percent": 6.0
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "North Carolina",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Johnson and Sons Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Johnson and Sons Inc.",
        "Joseph, Taylor and Rice Mortgage Corp."
      ]
    }
  ]
}