<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-2024-6169
Status: Draft
Governing Jurisdiction: New Jersey

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Lopez, Taylor and Allison Holdings, and the Tenant, Wiley LLC. 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 2024-04-05.

The subject of this lease concerns the Partial suite 2A in Building 4 at the property located at 940 John Road
Brownberg, IN 55211. This Retail facility consists of the specified area and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-04-26, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $96,988.89. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $193,977.78 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months. 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, Wiley LLC 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 Lopez, Taylor and Allison Holdings. Late payments of rent will accrue interest at a rate of 14.8% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 60 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-2024-6169",
  "parties": {
    "lessor_details": {
      "name": "Lopez, Taylor and Allison Holdings",
      "entity_type": "Limited Partnership",
      "address": "515 Sandra Row\nSouth Angela, MH 02302"
    },
    "lessee_details": {
      "name": "Wiley LLC",
      "entity_type": "LLC",
      "address": "061 Patrick Track\nVictorstad, IN 46506"
    }
  },
  "property_details": {
    "address": "940 John Road\nBrownberg, IN 55211",
    "property_type": "Retail",
    "lease_area_description": "Partial suite 2A in Building 4"
  },
  "lease_terms": {
    "effective_date": "2024-04-05",
    "commencement_date": "2024-04-26",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "6 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 96988.89,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (23.98%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (23.92%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 193977.78,
    "late_payment_interest_rate_percent": 14.8
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "New Jersey",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Lopez, Taylor and Allison Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Lopez, Taylor and Allison Holdings",
        "Bennett PLC Mortgage Corp."
      ]
    }
  ]
}