<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-2023-8779
Status: Amended
Governing Jurisdiction: Kansas

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Williams Ltd Inc., and the Tenant, Lyons 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 2023-08-23.

The subject of this lease concerns the Partial floor 33B in Building 3 at the property located at PSC 9348, Box 7353
APO AE 92576. This Warehouse facility consists of the specified area and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2023-08-28, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $36,001.00. This figure is scheduled for an annual increase based on a 2.64% escalation rate. A security deposit of $72,002.00 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 270 days' prior notice. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Lyons and Sons 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 Williams Ltd Inc.. Late payments of rent will accrue interest at a rate of 13.9% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 60 days' notice and involves a penalty structured as 3 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-2023-8779",
  "parties": {
    "lessor_details": {
      "name": "Williams Ltd Inc.",
      "entity_type": "LLC",
      "address": "9160 Kyle Estate Apt. 396\nFredburgh, WI 45473"
    },
    "lessee_details": {
      "name": "Lyons and Sons",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "PSC 9348, Box 7353\nAPO AE 92576",
    "property_type": "Warehouse",
    "lease_area_description": "Partial floor 33B in Building 3"
  },
  "lease_terms": {
    "effective_date": "2023-08-23",
    "commencement_date": "2023-08-28",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 36001.0,
      "annual_escalation_rate_percent": 2.64,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (17.85%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (7.59%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 72002.0,
    "late_payment_interest_rate_percent": 13.9
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Kansas",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Williams Ltd Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Williams Ltd Inc.",
        "Wood, Knapp and Shannon Mortgage Corp."
      ]
    }
  ]
}