<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-2024-3502
Status: Under Review
Governing Jurisdiction: Minnesota

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Smith and Sons Inc., and the Tenant, Griffith-Moyer. 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 2024-01-13.

The subject of this lease concerns the Entire unit 46B in Building 2 at the property located at 082 John Square
North Markstad, OR 88687. This Retail facility consists of approximately 12854 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-26, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $23,115.78. This figure is scheduled for an annual increase based on a 3.45% escalation rate. A security deposit of $23,115.78 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 270 days' prior notice. 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, Griffith-Moyer 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 Smith and Sons Inc.. Late payments of rent will accrue interest at a rate of 13.7% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 60 days' notice and involves a penalty structured as 8 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-2024-3502",
  "parties": {
    "lessor_details": {
      "name": "Smith and Sons Inc.",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Griffith-Moyer",
      "entity_type": "Corporation",
      "address": "681 Brittany Forge Suite 444\nLake Amy, CT 65585"
    }
  },
  "property_details": {
    "address": "082 John Square\nNorth Markstad, OR 88687",
    "property_type": "Retail",
    "lease_area_description": "Entire unit 46B in Building 2",
    "square_footage_sqft": 12854
  },
  "lease_terms": {
    "effective_date": "2024-01-13",
    "commencement_date": "2024-03-26",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "8 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 23115.78,
      "annual_escalation_rate_percent": 3.45,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (18.71%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (17.29%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 23115.78,
    "late_payment_interest_rate_percent": 13.7
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Minnesota",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Smith and Sons Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Smith and Sons Inc.",
        "Parker PLC Mortgage Corp."
      ]
    }
  ]
}