<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-2024-1486
Status: Amended
Governing Jurisdiction: Illinois

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Livingston, Thomas and Williams Holdings, and the Tenant, Dunlap, Stone and Smith. 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 2024-01-20.

The subject of this lease concerns the Entire floor 48 in Building 3 at the property located at 35165 John Fork
East Kimberlyshire, NM 60527. This Industrial facility consists of approximately 31979 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-02-03, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $51,646.08. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $51,646.08 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 Fixed 3% annual increase. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Dunlap, Stone and Smith 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 Livingston, Thomas and Williams Holdings. Late payments of rent will accrue interest at a rate of 9.3% 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-2024-1486",
  "parties": {
    "lessor_details": {
      "name": "Livingston, Thomas and Williams Holdings",
      "entity_type": "LLC",
      "address": "02848 Crane Parkways\nSouth Jessicaview, AK 85758"
    },
    "lessee_details": {
      "name": "Dunlap, Stone and Smith",
      "entity_type": "LLC",
      "address": "537 Martinez Road Apt. 799\nSouth Rita, MO 13345"
    }
  },
  "property_details": {
    "address": "35165 John Fork\nEast Kimberlyshire, NM 60527",
    "property_type": "Industrial",
    "lease_area_description": "Entire floor 48 in Building 3",
    "square_footage_sqft": 31979
  },
  "lease_terms": {
    "effective_date": "2024-01-20",
    "commencement_date": "2024-02-03",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 51646.08,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (5.00%)",
        "estimated_monthly_amount_usd": 7746.91
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (14.54%)",
        "estimated_monthly_amount_usd": 5164.61
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 51646.08,
    "late_payment_interest_rate_percent": 9.3
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Illinois",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Livingston, Thomas and Williams Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Livingston, Thomas and Williams Holdings",
        "Walker-Ramos Mortgage Corp."
      ]
    }
  ]
}