<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-2023-7713
Status: Executed
Governing Jurisdiction: Connecticut

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Wyatt Group LLC, and the Tenant, Martinez, Mccullough and Schultz. 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 2023-10-07.

The subject of this lease concerns the Entire unit 20 in Building 5 at the property located at 411 Adams Meadows
Danaton, GA 72282. This Warehouse facility consists of approximately 44814 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2023-10-11, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $219,551.26. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $219,551.26 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 90 days' prior notice. During any such renewal, the rent will be adjusted according to CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Martinez, Mccullough and Schultz is required to maintain, at minimum, a Commercial General Liability policy of $1,000,000. The certificate of insurance must name all parties as stipulated, including Wyatt Group LLC. Late payments of rent will accrue interest at a rate of 9.9% 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-2023-7713",
  "parties": {
    "lessor_details": {
      "name": "Wyatt Group LLC",
      "entity_type": "Corporation",
      "address": "432 Valerie Path Suite 077\nNorth Jacqueline, SC 36935"
    },
    "lessee_details": {
      "name": "Martinez, Mccullough and Schultz",
      "entity_type": "S-Corp",
      "address": "221 Marshall Mill\nNew Elizabethshire, RI 21043"
    }
  },
  "property_details": {
    "address": "411 Adams Meadows\nDanaton, GA 72282",
    "property_type": "Warehouse",
    "lease_area_description": "Entire unit 20 in Building 5",
    "square_footage_sqft": 44814
  },
  "lease_terms": {
    "effective_date": "2023-10-07",
    "commencement_date": "2023-10-11",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 219551.26,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (17.55%)",
        "estimated_monthly_amount_usd": 32932.69
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (8.74%)",
        "estimated_monthly_amount_usd": 21955.13
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 219551.26,
    "late_payment_interest_rate_percent": 9.9
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Connecticut",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Wyatt Group LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Wyatt Group LLC",
        "Gardner LLC Mortgage Corp."
      ]
    }
  ]
}