<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-2023-3942
Status: Executed
Governing Jurisdiction: New Jersey

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Medina Inc Ventures, and the Tenant, Matthews, Henderson and Baker. 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 2023-09-04.

The subject of this lease concerns the Entire unit 7A in Building 5 at the property located at 121 Kimberly Pass
Port Lori, ID 12977. 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 2023-09-05, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $111,301.82. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $222,603.64 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 270 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, Matthews, Henderson and Baker 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 Medina Inc Ventures. Late payments of rent will accrue interest at a rate of 6.6% 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-2023-3942",
  "parties": {
    "lessor_details": {
      "name": "Medina Inc Ventures",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Matthews, Henderson and Baker",
      "entity_type": "Corporation",
      "address": "9452 Juarez Grove Apt. 680\nPort Erin, NH 95070"
    }
  },
  "property_details": {
    "address": "121 Kimberly Pass\nPort Lori, ID 12977",
    "property_type": "Retail",
    "lease_area_description": "Entire unit 7A in Building 5"
  },
  "lease_terms": {
    "effective_date": "2023-09-04",
    "commencement_date": "2023-09-05",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 111301.82,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (18.15%)",
        "estimated_monthly_amount_usd": 16695.27
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (24.94%)",
        "estimated_monthly_amount_usd": 11130.18
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 222603.64,
    "late_payment_interest_rate_percent": 6.6
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "New Jersey",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Medina Inc Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Medina Inc Ventures",
        "Jones-Jackson Mortgage Corp."
      ]
    }
  ]
}