<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-2023-2885
Status: Executed
Governing Jurisdiction: Rhode Island

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Perez-Chapman Inc., and the Tenant, Sanders-Adams. 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 2023-10-14.

The subject of this lease concerns the Partial unit 9 in Building 10 at the property located at 127 Brenda Harbors Apt. 168
North Jasonside, DC 59671. This Mixed-Use facility consists of approximately 20958 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-25, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $84,111.44. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $168,222.88 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 90 days' prior notice. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Sanders-Adams 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 Perez-Chapman Inc.. Late payments of rent will accrue interest at a rate of 16.3% 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-2023-2885",
  "parties": {
    "lessor_details": {
      "name": "Perez-Chapman Inc.",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Sanders-Adams",
      "entity_type": "S-Corp",
      "address": "921 Williams Spurs Suite 650\nBrownberg, CO 94856"
    }
  },
  "property_details": {
    "address": "127 Brenda Harbors Apt. 168\nNorth Jasonside, DC 59671",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial unit 9 in Building 10",
    "square_footage_sqft": 20958
  },
  "lease_terms": {
    "effective_date": "2023-10-14",
    "commencement_date": "2023-12-25",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 84111.44,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (6.31%)",
        "estimated_monthly_amount_usd": 12616.72
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (23.86%)",
        "estimated_monthly_amount_usd": 8411.14
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 168222.88,
    "late_payment_interest_rate_percent": 16.3
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Rhode Island",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Perez-Chapman Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Perez-Chapman Inc.",
        "Robinson, Joseph and Leonard Mortgage Corp."
      ]
    }
  ]
}