<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-2023-6419
Status: Amended
Governing Jurisdiction: Louisiana

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Smith-Washington Properties, and the Tenant, Wallace, Dominguez and White. 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 2023-10-02.

The subject of this lease concerns the Entire suite 35 in Building 9 at the property located at 973 Powell Cliff Apt. 977
Kelleyville, AZ 59282. This Industrial facility consists of approximately 40875 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-11-04, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $113,700.62. This figure is scheduled for an annual increase based on a 2.13% escalation rate. A security deposit of $227,401.24 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 180 days' prior notice. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Wallace, Dominguez and White is required to maintain, at minimum, a Commercial General Liability policy of $5,000,000. The certificate of insurance must name all parties as stipulated, including Smith-Washington Properties. Late payments of rent will accrue interest at a rate of 5.1% 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 7 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-2023-6419",
  "parties": {
    "lessor_details": {
      "name": "Smith-Washington Properties",
      "entity_type": "Corporation",
      "address": "77196 Mark Hollow\nEast Isaac, NE 36197"
    },
    "lessee_details": {
      "name": "Wallace, Dominguez and White",
      "entity_type": "S-Corp",
      "address": "816 Elliott Curve\nKennethfort, WI 07936"
    }
  },
  "property_details": {
    "address": "973 Powell Cliff Apt. 977\nKelleyville, AZ 59282",
    "property_type": "Industrial",
    "lease_area_description": "Entire suite 35 in Building 9",
    "square_footage_sqft": 40875
  },
  "lease_terms": {
    "effective_date": "2023-10-02",
    "commencement_date": "2023-11-04",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 113700.62,
      "annual_escalation_rate_percent": 2.13,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (13.83%)",
        "estimated_monthly_amount_usd": 17055.09
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (18.81%)",
        "estimated_monthly_amount_usd": 11370.06
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 227401.24,
    "late_payment_interest_rate_percent": 5.1
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Louisiana",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Smith-Washington Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Smith-Washington Properties",
        "Bryant-Miles Mortgage Corp."
      ]
    }
  ]
}