<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-2024-8406
Status: Executed
Governing Jurisdiction: Virginia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Allen, Mcgee and Black Properties, and the Tenant, Simmons-Ward. 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 2024-06-18.

The subject of this lease concerns the Partial unit 17B in Building 10 at the property located at 3337 Monique Springs
Lanehaven, MP 31133. This Warehouse facility consists of approximately 30246 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-08-14, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $92,502.35. This figure is scheduled for an annual increase based on a 3.1% escalation rate. A security deposit of $185,004.70 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 Fair Market Value. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Simmons-Ward 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 Allen, Mcgee and Black Properties. Late payments of rent will accrue interest at a rate of 9.2% 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-2024-8406",
  "parties": {
    "lessor_details": {
      "name": "Allen, Mcgee and Black Properties",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Simmons-Ward",
      "entity_type": "LLC",
      "address": "38982 Savannah Run\nLake Samanthaton, WA 53850"
    }
  },
  "property_details": {
    "address": "3337 Monique Springs\nLanehaven, MP 31133",
    "property_type": "Warehouse",
    "lease_area_description": "Partial unit 17B in Building 10",
    "square_footage_sqft": 30246
  },
  "lease_terms": {
    "effective_date": "2024-06-18",
    "commencement_date": "2024-08-14",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 92502.35,
      "annual_escalation_rate_percent": 3.1,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (20.74%)",
        "estimated_monthly_amount_usd": 13875.35
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (12.37%)",
        "estimated_monthly_amount_usd": 9250.24
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 185004.7,
    "late_payment_interest_rate_percent": 9.2
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Virginia",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Allen, Mcgee and Black Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Allen, Mcgee and Black Properties",
        "Hill-Nicholson Mortgage Corp."
      ]
    }
  ]
}