<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-2023-2010
Status: Under Review
Governing Jurisdiction: Minnesota

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Schmitt, Herring and Harvey LLC, and the Tenant, Smith, Griffith and White. 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 2023-11-13.

The subject of this lease concerns the Entire suite 18A in Building 4 at the property located at 58914 Shelly Street Apt. 847
Kerrchester, VT 18066. This Warehouse 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 2023-12-12, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $26,069.01. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $52,138.02 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises requires Landlord's explicit consent.

Late payments of rent will accrue interest at a rate of 7.6% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 180 days' notice and involves a penalty structured as 11 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-2023-2010",
  "parties": {
    "lessor_details": {
      "name": "Schmitt, Herring and Harvey LLC",
      "entity_type": "Corporation",
      "address": "45360 Nathan Common\nRussellburgh, OK 34086"
    },
    "lessee_details": {
      "name": "Smith, Griffith and White",
      "entity_type": "S-Corp",
      "address": "7595 Adams Field Apt. 619\nCindyburgh, PA 32436"
    }
  },
  "property_details": {
    "address": "58914 Shelly Street Apt. 847\nKerrchester, VT 18066",
    "property_type": "Warehouse",
    "lease_area_description": "Entire suite 18A in Building 4"
  },
  "lease_terms": {
    "effective_date": "2023-11-13",
    "commencement_date": "2023-12-12",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 26069.01,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (20.23%)",
        "estimated_monthly_amount_usd": 3910.35
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (22.08%)",
        "estimated_monthly_amount_usd": 2606.9
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 52138.02,
    "late_payment_interest_rate_percent": 7.6
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Minnesota",
  "document_status": "Under Review"
}