<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-2024-1340
Status: Amended
Governing Jurisdiction: Washington

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Gilmore, Brown and Sanders Inc., and the Tenant, Brown LLC. 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 2024-04-02.

The subject of this lease concerns the Entire unit 5B in Building 6 at the property located at 9212 Elizabeth Orchard Apt. 981
West Mark, VA 64672. This Mixed-Use facility consists of approximately 30223 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-06, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $52,839.88. This figure is scheduled for an annual increase based on a 2.05% escalation rate. A security deposit of $52,839.88 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months. 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, Brown LLC 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 Gilmore, Brown and Sanders Inc.. Late payments of rent will accrue interest at a rate of 6.2% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 90 days' notice and involves a penalty structured as 10 months' rent plus unamortized transaction costs.

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-2024-1340",
  "parties": {
    "lessor_details": {
      "name": "Gilmore, Brown and Sanders Inc.",
      "entity_type": "Corporation",
      "address": "69393 Kelly Mill\nLake Nathanieltown, IL 03338"
    },
    "lessee_details": {
      "name": "Brown LLC",
      "entity_type": "S-Corp",
      "address": "46771 Farley Spring Suite 828\nEast Ericport, VT 37468"
    }
  },
  "property_details": {
    "address": "9212 Elizabeth Orchard Apt. 981\nWest Mark, VA 64672",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire unit 5B in Building 6",
    "square_footage_sqft": 30223
  },
  "lease_terms": {
    "effective_date": "2024-04-02",
    "commencement_date": "2024-05-06",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 52839.88,
      "annual_escalation_rate_percent": 2.05,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (6.91%)",
        "estimated_monthly_amount_usd": 7925.98
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (6.61%)",
        "estimated_monthly_amount_usd": 5283.99
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 52839.88,
    "late_payment_interest_rate_percent": 6.2
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Washington",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Gilmore, Brown and Sanders Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Gilmore, Brown and Sanders Inc.",
        "Johnson-Davis Mortgage Corp."
      ]
    }
  ]
}