<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-2023-9518
Status: Amended
Governing Jurisdiction: Arizona

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Ward-Thomas LLC, and the Tenant, Jennings, Solis and Brown. 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 2023-11-13.

The subject of this lease concerns the Entire suite 39A in Building 10 at the property located at 64293 Lam Skyway
Greeneland, IL 80232. This Warehouse facility consists of approximately 12223 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-06, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $40,580.36. This figure is scheduled for an annual increase based on a 3.44% escalation rate. A security deposit of $40,580.36 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 90 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 is permitted subject to standard conditions.

Per section 10.1, Jennings, Solis and Brown is required to maintain, at minimum, a Commercial General Liability policy of $1,000,000. The certificate of insurance must name all parties as stipulated, including Ward-Thomas LLC. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 90 days' notice and involves a penalty structured as 5 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-2023-9518",
  "parties": {
    "lessor_details": {
      "name": "Ward-Thomas LLC",
      "entity_type": "LLC",
      "address": "2781 Young Highway Suite 031\nEast Alexandershire, UT 29900"
    },
    "lessee_details": {
      "name": "Jennings, Solis and Brown",
      "entity_type": "LLC",
      "address": "4354 Kelsey Bypass Suite 309\nMarietown, KY 11464"
    }
  },
  "property_details": {
    "address": "64293 Lam Skyway\nGreeneland, IL 80232",
    "property_type": "Warehouse",
    "lease_area_description": "Entire suite 39A in Building 10",
    "square_footage_sqft": 12223
  },
  "lease_terms": {
    "effective_date": "2023-11-13",
    "commencement_date": "2023-12-06",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 40580.36,
      "annual_escalation_rate_percent": 3.44,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (13.10%)",
        "estimated_monthly_amount_usd": 6087.05
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (23.44%)",
        "estimated_monthly_amount_usd": 4058.04
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 40580.36
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Arizona",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Ward-Thomas LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Ward-Thomas LLC",
        "Moore-Swanson Mortgage Corp."
      ]
    }
  ]
}