<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-2024-3153
Status: Executed
Governing Jurisdiction: North Carolina

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Kelley-Wagner Ventures, and the Tenant, Williams-Sanchez. 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 2024-01-05.

The subject of this lease concerns the Entire floor 37A in Building 6 at the property located at 90269 Stephen Plaza
East Paulberg, DC 11926. This Retail facility consists of approximately 23444 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-26, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $45,168.77. This figure is scheduled for an annual increase based on a 3.05% escalation rate. A security deposit of $90,337.54 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months. During any such renewal, the rent will be adjusted according to CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Williams-Sanchez 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 Kelley-Wagner Ventures. Late payments of rent will accrue interest at a rate of 8.5% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 60 days' notice and involves a penalty structured as 4 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-2024-3153",
  "parties": {
    "lessor_details": {
      "name": "Kelley-Wagner Ventures",
      "entity_type": "LLC",
      "address": "5226 Paul Groves Apt. 366\nNorth Carol, AL 57632"
    },
    "lessee_details": {
      "name": "Williams-Sanchez",
      "entity_type": "LLC",
      "address": "93250 Nicole Key\nWest Martha, WA 74444"
    }
  },
  "property_details": {
    "address": "90269 Stephen Plaza\nEast Paulberg, DC 11926",
    "property_type": "Retail",
    "lease_area_description": "Entire floor 37A in Building 6",
    "square_footage_sqft": 23444
  },
  "lease_terms": {
    "effective_date": "2024-01-05",
    "commencement_date": "2024-03-26",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "4 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 45168.77,
      "annual_escalation_rate_percent": 3.05,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (7.61%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (20.53%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 90337.54,
    "late_payment_interest_rate_percent": 8.5
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "North Carolina",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Kelley-Wagner Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Kelley-Wagner Ventures",
        "Campos-Butler Mortgage Corp."
      ]
    }
  ]
}