<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-2023-8167
Status: Amended
Governing Jurisdiction: Nevada

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Shaw Group Inc., and the Tenant, Kennedy-Perkins. 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 2023-09-02.

The subject of this lease concerns the Entire suite 17 in Building 9 at the property located at 75113 David Inlet Apt. 970
New Janetburgh, WA 13275. This Warehouse facility consists of approximately 19874 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2023-09-17, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $90,840.74. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $181,681.48 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 Fair Market Value. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Kennedy-Perkins 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 Shaw Group Inc.. Late payments of rent will accrue interest at a rate of 6.1% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 60 days' notice and involves a penalty structured as 10 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-2023-8167",
  "parties": {
    "lessor_details": {
      "name": "Shaw Group Inc.",
      "entity_type": "Limited Partnership",
      "address": "USNS Owens\nFPO AA 98871"
    },
    "lessee_details": {
      "name": "Kennedy-Perkins",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "75113 David Inlet Apt. 970\nNew Janetburgh, WA 13275",
    "property_type": "Warehouse",
    "lease_area_description": "Entire suite 17 in Building 9",
    "square_footage_sqft": 19874
  },
  "lease_terms": {
    "effective_date": "2023-09-02",
    "commencement_date": "2023-09-17",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value"
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 90840.74,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.60%)",
        "estimated_monthly_amount_usd": 13626.11
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (24.43%)",
        "estimated_monthly_amount_usd": 9084.07
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 181681.48,
    "late_payment_interest_rate_percent": 6.1
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Nevada",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Shaw Group Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Shaw Group Inc.",
        "Simmons, Wagner and Nguyen Mortgage Corp."
      ]
    }
  ]
}