<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-2023-8881
Status: Amended
Governing Jurisdiction: Connecticut

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Rodriguez, Sawyer and Sanders Inc., and the Tenant, Marshall-Ramsey. 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 2023-12-14.

The subject of this lease concerns the Partial suite 26B in Building 9 at the property located at 476 John Squares
South Lisaton, WV 17529. This Retail facility consists of approximately 42390 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-28, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $147,658.50. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $295,317.00 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 90 days' prior notice. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Marshall-Ramsey 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 Rodriguez, Sawyer and Sanders Inc.. Late payments of rent will accrue interest at a rate of 17.2% 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-2023-8881",
  "parties": {
    "lessor_details": {
      "name": "Rodriguez, Sawyer and Sanders Inc.",
      "entity_type": "LLC",
      "address": "5619 Erika Locks Apt. 982\nPriceton, IA 13148"
    },
    "lessee_details": {
      "name": "Marshall-Ramsey",
      "entity_type": "S-Corp",
      "address": "4379 Barbara Shoal\nCarolineborough, UT 41125"
    }
  },
  "property_details": {
    "address": "476 John Squares\nSouth Lisaton, WV 17529",
    "property_type": "Retail",
    "lease_area_description": "Partial suite 26B in Building 9",
    "square_footage_sqft": 42390
  },
  "lease_terms": {
    "effective_date": "2023-12-14",
    "commencement_date": "2024-01-28",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 147658.5,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (25.0%)",
        "estimated_monthly_amount_usd": 22148.78
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (25.0%)",
        "estimated_monthly_amount_usd": 14765.85
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 295317.0,
    "late_payment_interest_rate_percent": 17.2
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Connecticut",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Rodriguez, Sawyer and Sanders Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Rodriguez, Sawyer and Sanders Inc.",
        "Cole-White Mortgage Corp."
      ]
    }
  ]
}