<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-2023-7436
Status: Under Review
Governing Jurisdiction: Colorado

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Beck, White and Duke Inc., and the Tenant, Jordan, Moore and Powers. 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 2023-10-09.

The subject of this lease concerns the Partial unit 18 in Building 4 at the property located at 52997 Gary Roads
Valenciabury, ND 56238. This Office facility consists of approximately 44150 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-11-28, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $111,000.46. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $111,000.46 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 180 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, Jordan, Moore and Powers 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 Beck, White and Duke Inc.. Late payments of rent will accrue interest at a rate of 17.1% 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-2023-7436",
  "parties": {
    "lessor_details": {
      "name": "Beck, White and Duke Inc.",
      "entity_type": "LLC",
      "address": "5837 Davis Forest Apt. 778\nDuncanton, PR 52309"
    },
    "lessee_details": {
      "name": "Jordan, Moore and Powers",
      "entity_type": "LLC",
      "address": "854 Bobby Road Apt. 763\nPort Brittany, PR 77073"
    }
  },
  "property_details": {
    "address": "52997 Gary Roads\nValenciabury, ND 56238",
    "property_type": "Office",
    "lease_area_description": "Partial unit 18 in Building 4",
    "square_footage_sqft": 44150
  },
  "lease_terms": {
    "effective_date": "2023-10-09",
    "commencement_date": "2023-11-28",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 111000.46,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (24.17%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (5.61%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 111000.46,
    "late_payment_interest_rate_percent": 17.1
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Colorado",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Beck, White and Duke Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Beck, White and Duke Inc.",
        "Stevenson-Gallagher Mortgage Corp."
      ]
    }
  ]
}