<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-2023-7125
Status: Amended
Governing Jurisdiction: North Carolina

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Soto, Harrison and Mcclain Ventures, and the Tenant, Jones-Pierce. 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 2023-09-10.

The subject of this lease concerns the Entire suite 23B in Building 3 at the property located at 40446 Owens Knolls
South Malik, WV 51460. This Warehouse facility consists of approximately 33512 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2023-09-24, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $111,120.21. This figure is scheduled for an annual increase based on a 3.18% escalation rate. A security deposit of $111,120.21 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months. During any such renewal, the rent will be adjusted according to Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Jones-Pierce 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 Soto, Harrison and Mcclain Ventures. Late payments of rent will accrue interest at a rate of 11.7% 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-2023-7125",
  "parties": {
    "lessor_details": {
      "name": "Soto, Harrison and Mcclain Ventures",
      "entity_type": "Limited Partnership",
      "address": "241 Fuller Forks Apt. 605\nEast Jessica, OR 44457"
    },
    "lessee_details": {
      "name": "Jones-Pierce",
      "entity_type": "LLC",
      "address": "6913 Richard Spur\nNew Teresaton, AL 42380"
    }
  },
  "property_details": {
    "address": "40446 Owens Knolls\nSouth Malik, WV 51460",
    "property_type": "Warehouse",
    "lease_area_description": "Entire suite 23B in Building 3",
    "square_footage_sqft": 33512
  },
  "lease_terms": {
    "effective_date": "2023-09-10",
    "commencement_date": "2023-09-24",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 111120.21,
      "annual_escalation_rate_percent": 3.18,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (20.97%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (14.80%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 111120.21,
    "late_payment_interest_rate_percent": 11.7
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "North Carolina",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Soto, Harrison and Mcclain Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Soto, Harrison and Mcclain Ventures",
        "Charles PLC Mortgage Corp."
      ]
    }
  ]
}