<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-2024-6196
Status: Amended
Governing Jurisdiction: South Carolina

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Brooks, Taylor and Bell Inc., and the Tenant, Davis Inc. 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 2024-02-20.

The subject of this lease concerns the Entire suite 20 in Building 2 at the property located at 46686 Courtney Orchard Apt. 905
Gilberttown, MO 55633. This Retail facility consists of the specified area and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-01, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $24,454.78. This figure is scheduled for an annual increase based on a 3.43% escalation rate. A security deposit of $48,909.56 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 180 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 Inc 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 Brooks, Taylor and Bell Inc.. 

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-2024-6196",
  "parties": {
    "lessor_details": {
      "name": "Brooks, Taylor and Bell Inc.",
      "entity_type": "Limited Partnership",
      "address": "USS Myers\nFPO AA 09506"
    },
    "lessee_details": {
      "name": "Davis Inc",
      "entity_type": "LLC",
      "address": "3989 Carrillo Valleys\nDeanborough, MS 52985"
    }
  },
  "property_details": {
    "address": "46686 Courtney Orchard Apt. 905\nGilberttown, MO 55633",
    "property_type": "Retail",
    "lease_area_description": "Entire suite 20 in Building 2"
  },
  "lease_terms": {
    "effective_date": "2024-02-20",
    "commencement_date": "2024-05-01",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "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": 24454.78,
      "annual_escalation_rate_percent": 3.43,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (18.98%)",
        "estimated_monthly_amount_usd": 3668.22
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (8.23%)",
        "estimated_monthly_amount_usd": 2445.48
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 48909.56
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "South Carolina",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Brooks, Taylor and Bell Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Brooks, Taylor and Bell Inc.",
        "Bell, Holt and Page Mortgage Corp."
      ]
    }
  ]
}