<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-2024-1349
Status: Executed
Governing Jurisdiction: Rhode Island

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Wheeler PLC Inc., and the Tenant, Perkins, Gilmore and Fuentes. 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 2024-03-19.

The subject of this lease concerns the Entire suite 31 in Building 8 at the property located at 05122 Carol Keys
Lake Brittneyview, AR 61507. This Retail facility consists of approximately 15413 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-23, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $50,837.21. This figure is scheduled for an annual increase based on a 3.25% escalation rate. A security deposit of $101,674.42 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, Perkins, Gilmore and Fuentes 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 Wheeler PLC Inc.. 

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-2024-1349",
  "parties": {
    "lessor_details": {
      "name": "Wheeler PLC Inc.",
      "entity_type": "LLC",
      "address": "193 Steve Oval\nNew Jonathanstad, IL 85568"
    },
    "lessee_details": {
      "name": "Perkins, Gilmore and Fuentes",
      "entity_type": "S-Corp",
      "address": "4643 Melissa Trail\nCamposhaven, OH 39028"
    }
  },
  "property_details": {
    "address": "05122 Carol Keys\nLake Brittneyview, AR 61507",
    "property_type": "Retail",
    "lease_area_description": "Entire suite 31 in Building 8",
    "square_footage_sqft": 15413
  },
  "lease_terms": {
    "effective_date": "2024-03-19",
    "commencement_date": "2024-05-23",
    "initial_term_months": 120,
    "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
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 50837.21,
      "annual_escalation_rate_percent": 3.25,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (16.03%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (25.0%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 101674.42
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Rhode Island",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Wheeler PLC Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Wheeler PLC Inc.",
        "Hamilton-Garcia Mortgage Corp."
      ]
    }
  ]
}