<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-2023-9341
Status: Amended
Governing Jurisdiction: Maryland

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Sweeney-Torres Properties, and the Tenant, Foley PLC. 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 2023-11-13.

The subject of this lease concerns the Partial suite 28 in Building 4 at the property located at 57805 Lisa Drives Suite 887
Anthonymouth, IA 76086. This Industrial facility consists of approximately 29821 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-26, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $90,531.59. This figure is scheduled for an annual increase based on a 2.92% escalation rate. A security deposit of $181,063.18 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 90 days' prior notice. 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, Foley PLC 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 Sweeney-Torres Properties. Note the existence of a Co-tenancy Failure clause, which can be triggered with 60 days' notice and involves a penalty structured as 9 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-2023-9341",
  "parties": {
    "lessor_details": {
      "name": "Sweeney-Torres Properties",
      "entity_type": "Corporation",
      "address": "Unit 8158 Box 4243\nDPO AA 02057"
    },
    "lessee_details": {
      "name": "Foley PLC",
      "entity_type": "LLC",
      "address": "847 Fields Union\nGarciamouth, FM 60525"
    }
  },
  "property_details": {
    "address": "57805 Lisa Drives Suite 887\nAnthonymouth, IA 76086",
    "property_type": "Industrial",
    "lease_area_description": "Partial suite 28 in Building 4",
    "square_footage_sqft": 29821
  },
  "lease_terms": {
    "effective_date": "2023-11-13",
    "commencement_date": "2023-12-26",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 90531.59,
      "annual_escalation_rate_percent": 2.92,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (18.25%)",
        "estimated_monthly_amount_usd": 13579.74
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (8.22%)",
        "estimated_monthly_amount_usd": 9053.16
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 181063.18
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Maryland",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Sweeney-Torres Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Sweeney-Torres Properties",
        "Osborne-Rodriguez Mortgage Corp."
      ]
    }
  ]
}