<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-2023-9086
Status: Draft
Governing Jurisdiction: Colorado

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Jones, Mendoza and Terrell LLC, and the Tenant, Morris-Stanley. 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 Entire unit 6 in Building 5 at the property located at 158 Daniels Lane
Lake Melinda, KS 72043. This Industrial facility consists of approximately 14592 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-10, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $52,859.52. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $52,859.52 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 365 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, Morris-Stanley 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 Jones, Mendoza and Terrell LLC. Late payments of rent will accrue interest at a rate of 15.1% 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-2023-9086",
  "parties": {
    "lessor_details": {
      "name": "Jones, Mendoza and Terrell LLC",
      "entity_type": "Limited Partnership",
      "address": "Unit 5075 Box 5354\nDPO AE 61586"
    },
    "lessee_details": {
      "name": "Morris-Stanley",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "158 Daniels Lane\nLake Melinda, KS 72043",
    "property_type": "Industrial",
    "lease_area_description": "Entire unit 6 in Building 5",
    "square_footage_sqft": 14592
  },
  "lease_terms": {
    "effective_date": "2023-12-23",
    "commencement_date": "2024-01-10",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 52859.52,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (9.48%)",
        "estimated_monthly_amount_usd": 7928.93
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (16.75%)",
        "estimated_monthly_amount_usd": 5285.95
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 52859.52,
    "late_payment_interest_rate_percent": 15.1
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Colorado",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Jones, Mendoza and Terrell LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Jones, Mendoza and Terrell LLC",
        "Johnson and Sons Mortgage Corp."
      ]
    }
  ]
}