<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-2023-6280
Status: Under Review
Governing Jurisdiction: Rhode Island

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, James Ltd Ventures, and the Tenant, Coleman, Daniel and Novak. 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 2023-11-01.

The subject of this lease concerns the Entire unit 45B in Building 6 at the property located at 7372 Michael Ports Apt. 115
West Caleb, AR 66862. This Office 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 2023-12-26, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $26,914.20. This figure is scheduled for an annual increase based on a 3.05% escalation rate. A security deposit of $26,914.20 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 Fair Market Value. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Coleman, Daniel and Novak 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 James Ltd Ventures. 

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-2023-6280",
  "parties": {
    "lessor_details": {
      "name": "James Ltd Ventures",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Coleman, Daniel and Novak",
      "entity_type": "LLC",
      "address": "13212 Bryan Isle\nNew Jodyfurt, MI 60826"
    }
  },
  "property_details": {
    "address": "7372 Michael Ports Apt. 115\nWest Caleb, AR 66862",
    "property_type": "Office",
    "lease_area_description": "Entire unit 45B in Building 6"
  },
  "lease_terms": {
    "effective_date": "2023-11-01",
    "commencement_date": "2023-12-26",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value"
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 26914.2,
      "annual_escalation_rate_percent": 3.05,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (12.27%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (7.54%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 26914.2
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Rhode Island",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "James Ltd Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "James Ltd Ventures",
        "Green-Scott Mortgage Corp."
      ]
    }
  ]
}