<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-2024-8690
Status: Under Review
Governing Jurisdiction: Nebraska

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Thomas, Quinn and Yates Ventures, and the Tenant, Perry, James and Stephenson. 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 2024-01-22.

The subject of this lease concerns the Partial suite 17B in Building 7 at the property located at 333 Robertson Lakes Suite 949
Port Mercedes, AL 49295. This Mixed-Use facility consists of approximately 40123 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-25, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $114,049.63. This figure is scheduled for an annual increase based on a 3.63% escalation rate. A security deposit of $114,049.63 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 270 days' prior notice. During any such renewal, the rent will be adjusted according to Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Perry, James and Stephenson 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 Thomas, Quinn and Yates Ventures. Late payments of rent will accrue interest at a rate of 14.2% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 90 days' notice and involves a penalty structured as 5 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-2024-8690",
  "parties": {
    "lessor_details": {
      "name": "Thomas, Quinn and Yates Ventures",
      "entity_type": "LLC",
      "address": "22390 Clifford Fords Suite 486\nGriffithhaven, AR 00619"
    },
    "lessee_details": {
      "name": "Perry, James and Stephenson",
      "entity_type": "Corporation",
      "address": "08566 Barker Ranch Apt. 273\nPottsport, NC 85650"
    }
  },
  "property_details": {
    "address": "333 Robertson Lakes Suite 949\nPort Mercedes, AL 49295",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial suite 17B in Building 7",
    "square_footage_sqft": 40123
  },
  "lease_terms": {
    "effective_date": "2024-01-22",
    "commencement_date": "2024-01-25",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 114049.63,
      "annual_escalation_rate_percent": 3.63,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (13.51%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (22.29%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 114049.63,
    "late_payment_interest_rate_percent": 14.2
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Nebraska",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Thomas, Quinn and Yates Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Thomas, Quinn and Yates Ventures",
        "Mccarthy LLC Mortgage Corp."
      ]
    }
  ]
}