<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-2023-9416
Status: Draft
Governing Jurisdiction: Ohio

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Harris and Sons Ventures, and the Tenant, Davis 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 2023-10-25.

The subject of this lease concerns the Entire suite 4A in Building 6 at the property located at Unit 9549 Box 3183
DPO AP 32398. This Retail facility consists of approximately 28111 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2023-11-04, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $137,743.90. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $137,743.90 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 365 days' prior notice. 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, Davis and Sons is required to maintain, at minimum, a Commercial General Liability policy of $2,000,000. The certificate of insurance must name all parties as stipulated, including Harris and Sons Ventures. Late payments of rent will accrue interest at a rate of 15.0% 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-2023-9416",
  "parties": {
    "lessor_details": {
      "name": "Harris and Sons Ventures",
      "entity_type": "LLC",
      "address": "Unit 1365 Box 8297\nDPO AP 51775"
    },
    "lessee_details": {
      "name": "Davis and Sons",
      "entity_type": "S-Corp",
      "address": "269 Green Plaza\nNorth Jessica, MO 12689"
    }
  },
  "property_details": {
    "address": "Unit 9549 Box 3183\nDPO AP 32398",
    "property_type": "Retail",
    "lease_area_description": "Entire suite 4A in Building 6",
    "square_footage_sqft": 28111
  },
  "lease_terms": {
    "effective_date": "2023-10-25",
    "commencement_date": "2023-11-04",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 137743.9,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (20.98%)",
        "estimated_monthly_amount_usd": 20661.58
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (13.36%)",
        "estimated_monthly_amount_usd": 13774.39
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 137743.9,
    "late_payment_interest_rate_percent": 15.0
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Ohio",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Harris and Sons Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Harris and Sons Ventures",
        "Miller, Wall and Abbott Mortgage Corp."
      ]
    }
  ]
}