<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-2023-4078
Status: Amended
Governing Jurisdiction: Illinois

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Smith, Williams and Ferguson Ventures, and the Tenant, Burton 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 2023-10-09.

The subject of this lease concerns the Entire unit 49 in Building 1 at the property located at Unit 1936 Box 2239
DPO AE 84914. This Office facility consists of approximately 21082 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2023-11-12, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $60,751.30. This figure is scheduled for an annual increase based on a 3.8% escalation rate. A security deposit of $121,502.60 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 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 is permitted subject to standard conditions.

Per section 10.1, Burton 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 Smith, Williams and Ferguson Ventures. Late payments of rent will accrue interest at a rate of 13.2% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 90 days' notice and involves a penalty structured as 3 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-2023-4078",
  "parties": {
    "lessor_details": {
      "name": "Smith, Williams and Ferguson Ventures",
      "entity_type": "LLC",
      "address": "769 Gilbert Wells\nWest Laurenport, IL 35717"
    },
    "lessee_details": {
      "name": "Burton PLC",
      "entity_type": "Corporation"
    }
  },
  "property_details": {
    "address": "Unit 1936 Box 2239\nDPO AE 84914",
    "property_type": "Office",
    "lease_area_description": "Entire unit 49 in Building 1",
    "square_footage_sqft": 21082
  },
  "lease_terms": {
    "effective_date": "2023-10-09",
    "commencement_date": "2023-11-12",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 60751.3,
      "annual_escalation_rate_percent": 3.8,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (5.64%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (16.50%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 121502.6,
    "late_payment_interest_rate_percent": 13.2
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Illinois",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Smith, Williams and Ferguson Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Smith, Williams and Ferguson Ventures",
        "James Inc Mortgage Corp."
      ]
    }
  ]
}