<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-2023-2897
Status: Under Review
Governing Jurisdiction: Maine

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Sanchez, Harrington and Brown Inc., and the Tenant, Hines-Torres. 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 2023-12-31.

The subject of this lease concerns the Partial floor 5 in Building 1 at the property located at 89708 Bruce Overpass Suite 576
Dawnshire, MP 92745. This Industrial facility consists of approximately 47839 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-01, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $168,512.88. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $168,512.88 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 Fixed 3% annual increase. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Hines-Torres is required to maintain, at minimum, a Commercial General Liability policy of $5,000,000. The certificate of insurance must name all parties as stipulated, including Sanchez, Harrington and Brown Inc.. Late payments of rent will accrue interest at a rate of 7.6% 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-2023-2897",
  "parties": {
    "lessor_details": {
      "name": "Sanchez, Harrington and Brown Inc.",
      "entity_type": "Corporation",
      "address": "PSC 0422, Box 6704\nAPO AA 38879"
    },
    "lessee_details": {
      "name": "Hines-Torres",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "89708 Bruce Overpass Suite 576\nDawnshire, MP 92745",
    "property_type": "Industrial",
    "lease_area_description": "Partial floor 5 in Building 1",
    "square_footage_sqft": 47839
  },
  "lease_terms": {
    "effective_date": "2023-12-31",
    "commencement_date": "2024-01-01",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 168512.88,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (6.88%)",
        "estimated_monthly_amount_usd": 25276.93
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (8.67%)",
        "estimated_monthly_amount_usd": 16851.29
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 168512.88,
    "late_payment_interest_rate_percent": 7.6
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Maine",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Sanchez, Harrington and Brown Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Sanchez, Harrington and Brown Inc.",
        "Suarez Inc Mortgage Corp."
      ]
    }
  ]
}