<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-2023-2777
Status: Under Review
Governing Jurisdiction: Idaho

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Jackson LLC LLC, and the Tenant, Hernandez 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 2023-10-02.

The subject of this lease concerns the Partial suite 48 in Building 5 at the property located at 2857 Castro Village Apt. 623
Traceychester, MA 55937. This Office facility consists of approximately 14088 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-08, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $21,214.18. This figure is scheduled for an annual increase based on a 2.57% escalation rate. A security deposit of $42,428.36 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 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, Hernandez 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 Jackson LLC LLC. Late payments of rent will accrue interest at a rate of 14.0% 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-2023-2777",
  "parties": {
    "lessor_details": {
      "name": "Jackson LLC LLC",
      "entity_type": "Corporation",
      "address": "1538 Kristin Inlet\nMortontown, MA 01907"
    },
    "lessee_details": {
      "name": "Hernandez Inc",
      "entity_type": "Corporation",
      "address": "120 Rice Roads\nNew James, MD 06351"
    }
  },
  "property_details": {
    "address": "2857 Castro Village Apt. 623\nTraceychester, MA 55937",
    "property_type": "Office",
    "lease_area_description": "Partial suite 48 in Building 5",
    "square_footage_sqft": 14088
  },
  "lease_terms": {
    "effective_date": "2023-10-02",
    "commencement_date": "2023-12-08",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 21214.18,
      "annual_escalation_rate_percent": 2.57,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (25.0%)",
        "estimated_monthly_amount_usd": 3182.13
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (7.44%)",
        "estimated_monthly_amount_usd": 2121.42
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 42428.36,
    "late_payment_interest_rate_percent": 14.0
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Idaho",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Jackson LLC LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Jackson LLC LLC",
        "Shields-Roberts Mortgage Corp."
      ]
    }
  ]
}