<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-2024-2859
Status: Amended
Governing Jurisdiction: West Virginia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Meyers Inc Ventures, and the Tenant, Powers, Sherman and Snyder. 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 2024-07-07.

The subject of this lease concerns the Entire unit 38A in Building 4 at the property located at Unit 6428 Box 1615
DPO AA 59840. This Office facility consists of approximately 37537 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-08-16, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $163,849.01. This figure is scheduled for an annual increase based on a 2.53% escalation rate. A security deposit of $327,698.02 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 requires Landlord's explicit consent.

Per section 10.1, Powers, Sherman and Snyder 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 Meyers Inc Ventures. Late payments of rent will accrue interest at a rate of 5.9% 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 6 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-2024-2859",
  "parties": {
    "lessor_details": {
      "name": "Meyers Inc Ventures",
      "entity_type": "LLC",
      "address": "0492 Kenneth Circle\nBrianberg, SD 73366"
    },
    "lessee_details": {
      "name": "Powers, Sherman and Snyder",
      "entity_type": "Corporation",
      "address": "84225 Christine Unions\nWest Richard, MA 59501"
    }
  },
  "property_details": {
    "address": "Unit 6428 Box 1615\nDPO AA 59840",
    "property_type": "Office",
    "lease_area_description": "Entire unit 38A in Building 4",
    "square_footage_sqft": 37537
  },
  "lease_terms": {
    "effective_date": "2024-07-07",
    "commencement_date": "2024-08-16",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value"
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "6 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "6 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 163849.01,
      "annual_escalation_rate_percent": 2.53,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (19.94%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (21.36%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 327698.02,
    "late_payment_interest_rate_percent": 5.9
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "West Virginia",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Meyers Inc Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Meyers Inc Ventures",
        "Hendricks and Sons Mortgage Corp."
      ]
    }
  ]
}