<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-2023-7875
Status: Draft
Governing Jurisdiction: Mississippi

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, West, Mason and Smith Inc., and the Tenant, Sweeney, Adams and Baird. 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 2023-09-04.

The subject of this lease concerns the Partial suite 15 in Building 8 at the property located at 43493 Anderson Island
Payneville, VT 08247. This Mixed-Use facility consists of the specified area and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-01, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $124,922.95. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $249,845.90 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 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, Sweeney, Adams and Baird 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 West, Mason and Smith Inc.. Late payments of rent will accrue interest at a rate of 5.9% 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-2023-7875",
  "parties": {
    "lessor_details": {
      "name": "West, Mason and Smith Inc.",
      "entity_type": "Limited Partnership",
      "address": "684 Diana Falls\nWest Thomasbury, MA 26251"
    },
    "lessee_details": {
      "name": "Sweeney, Adams and Baird",
      "entity_type": "LLC",
      "address": "882 Berry Drives Suite 988\nSouth Tammy, KY 85624"
    }
  },
  "property_details": {
    "address": "43493 Anderson Island\nPayneville, VT 08247",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial suite 15 in Building 8"
  },
  "lease_terms": {
    "effective_date": "2023-09-04",
    "commencement_date": "2023-12-01",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 124922.95,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.84%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (10.59%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 249845.9,
    "late_payment_interest_rate_percent": 5.9
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Mississippi",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "West, Mason and Smith Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "West, Mason and Smith Inc.",
        "Miranda-Johnson Mortgage Corp."
      ]
    }
  ]
}