<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-2023-5921
Status: Executed
Governing Jurisdiction: Maine

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Robinson LLC Inc., and the Tenant, Bishop and Sons. 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 2023-11-05.

The subject of this lease concerns the Entire floor 26 in Building 2 at the property located at 277 Williamson Spring Suite 209
Victoriafurt, CA 52128. This Office facility consists of approximately 14066 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-07, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $59,393.69. This figure is scheduled for an annual increase based on a 2.58% escalation rate. A security deposit of $118,787.38 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 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, Bishop and Sons 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 Robinson LLC Inc.. Late payments of rent will accrue interest at a rate of 12.2% 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-2023-5921",
  "parties": {
    "lessor_details": {
      "name": "Robinson LLC Inc.",
      "entity_type": "LLC",
      "address": "213 James Forest\nPerrybury, VT 29428"
    },
    "lessee_details": {
      "name": "Bishop and Sons",
      "entity_type": "LLC",
      "address": "64307 Thomas Lake Suite 912\nJoycemouth, TX 38126"
    }
  },
  "property_details": {
    "address": "277 Williamson Spring Suite 209\nVictoriafurt, CA 52128",
    "property_type": "Office",
    "lease_area_description": "Entire floor 26 in Building 2",
    "square_footage_sqft": 14066
  },
  "lease_terms": {
    "effective_date": "2023-11-05",
    "commencement_date": "2023-12-07",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 59393.69,
      "annual_escalation_rate_percent": 2.58,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (12.26%)",
        "estimated_monthly_amount_usd": 8909.05
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (17.36%)",
        "estimated_monthly_amount_usd": 5939.37
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 118787.38,
    "late_payment_interest_rate_percent": 12.2
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Maine",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Robinson LLC Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Robinson LLC Inc.",
        "Durham, Davis and Johnson Mortgage Corp."
      ]
    }
  ]
}