<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-2023-3791
Status: Under Review
Governing Jurisdiction: North Dakota

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Wise LLC Properties, and the Tenant, Bryant, Smith and Davenport. 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 2023-09-20.

The subject of this lease concerns the Partial suite 6A in Building 7 at the property located at 554 Zachary Hollow Apt. 217
Lake Chadborough, FL 92894. This Mixed-Use facility consists of the specified area and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-03, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $31,177.74. This figure is scheduled for an annual increase based on a 2.5% escalation rate. A security deposit of $62,355.48 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 365 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, Bryant, Smith and Davenport 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 Wise LLC Properties. Late payments of rent will accrue interest at a rate of 13.2% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 90 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-2023-3791",
  "parties": {
    "lessor_details": {
      "name": "Wise LLC Properties",
      "entity_type": "LLC",
      "address": "73304 Wilson Wells\nMichellehaven, ND 03171"
    },
    "lessee_details": {
      "name": "Bryant, Smith and Davenport",
      "entity_type": "Corporation",
      "address": "4883 Amy Estates Apt. 748\nKlinemouth, MO 27076"
    }
  },
  "property_details": {
    "address": "554 Zachary Hollow Apt. 217\nLake Chadborough, FL 92894",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial suite 6A in Building 7"
  },
  "lease_terms": {
    "effective_date": "2023-09-20",
    "commencement_date": "2023-12-03",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 365
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "6 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 31177.74,
      "annual_escalation_rate_percent": 2.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (13.01%)",
        "estimated_monthly_amount_usd": 4676.66
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (22.92%)",
        "estimated_monthly_amount_usd": 3117.77
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 62355.48,
    "late_payment_interest_rate_percent": 13.2
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "North Dakota",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Wise LLC Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Wise LLC Properties",
        "Heath-Owens Mortgage Corp."
      ]
    }
  ]
}