<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-2023-4364
Status: Under Review
Governing Jurisdiction: New Mexico

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Harris-Rodriguez Properties, and the Tenant, Williams 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 2023-12-14.

The subject of this lease concerns the Entire unit 15 in Building 2 at the property located at 216 Newman Light Apt. 058
West Lisa, GA 37314. This Industrial facility consists of the specified area and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-09, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $179,335.62. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $358,671.24 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 Fair Market Value. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Williams LLC is required to maintain, at minimum, a Commercial General Liability policy of $1,000,000. The certificate of insurance must name all parties as stipulated, including Harris-Rodriguez Properties. Late payments of rent will accrue interest at a rate of 17.5% 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-2023-4364",
  "parties": {
    "lessor_details": {
      "name": "Harris-Rodriguez Properties",
      "entity_type": "Corporation",
      "address": "152 Mcgee Canyon Suite 967\nWest Nicholas, NC 86113"
    },
    "lessee_details": {
      "name": "Williams LLC",
      "entity_type": "LLC",
      "address": "0154 Christopher Valleys\nDawsonstad, TN 31756"
    }
  },
  "property_details": {
    "address": "216 Newman Light Apt. 058\nWest Lisa, GA 37314",
    "property_type": "Industrial",
    "lease_area_description": "Entire unit 15 in Building 2"
  },
  "lease_terms": {
    "effective_date": "2023-12-14",
    "commencement_date": "2024-01-09",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 179335.62,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (19.91%)",
        "estimated_monthly_amount_usd": 26900.34
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (21.44%)",
        "estimated_monthly_amount_usd": 17933.56
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 358671.24,
    "late_payment_interest_rate_percent": 17.5
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "New Mexico",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Harris-Rodriguez Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Harris-Rodriguez Properties",
        "Maxwell, Sanchez and Parsons Mortgage Corp."
      ]
    }
  ]
}