<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-2024-4594
Status: Draft
Governing Jurisdiction: Massachusetts

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Schmidt, Butler and Haley Ventures, and the Tenant, Mejia PLC. 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 2024-01-02.

The subject of this lease concerns the Partial floor 33 in Building 9 at the property located at 7835 Morris Ranch Suite 312
New Michaelhaven, TN 32573. This Warehouse facility consists of approximately 21267 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-03, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $44,997.43. This figure is scheduled for an annual increase based on a 3.91% escalation rate. A security deposit of $44,997.43 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 Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Mejia PLC is required to maintain, at minimum, a Commercial General Liability policy of $5,000,000. The certificate of insurance must name all parties as stipulated, including Schmidt, Butler and Haley Ventures. 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-2024-4594",
  "parties": {
    "lessor_details": {
      "name": "Schmidt, Butler and Haley Ventures",
      "entity_type": "Limited Partnership",
      "address": "2286 Smith Loaf\nNew Kyleland, RI 17271"
    },
    "lessee_details": {
      "name": "Mejia PLC",
      "entity_type": "LLC",
      "address": "PSC 3833, Box 9811\nAPO AA 95846"
    }
  },
  "property_details": {
    "address": "7835 Morris Ranch Suite 312\nNew Michaelhaven, TN 32573",
    "property_type": "Warehouse",
    "lease_area_description": "Partial floor 33 in Building 9",
    "square_footage_sqft": 21267
  },
  "lease_terms": {
    "effective_date": "2024-01-02",
    "commencement_date": "2024-03-03",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "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": 44997.43,
      "annual_escalation_rate_percent": 3.91,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (8.21%)",
        "estimated_monthly_amount_usd": 6749.61
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (10.75%)",
        "estimated_monthly_amount_usd": 4499.74
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 44997.43
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Massachusetts",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Schmidt, Butler and Haley Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Schmidt, Butler and Haley Ventures",
        "Todd, Rush and Patton Mortgage Corp."
      ]
    }
  ]
}