<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-2024-6297
Status: Executed
Governing Jurisdiction: North Carolina

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Carpenter-Shannon Properties, and the Tenant, Camacho-Blanchard. 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 2024-01-07.

The subject of this lease concerns the Entire unit 18B in Building 4 at the property located at 9600 Smith Prairie Apt. 081
Odomchester, VT 73353. This Industrial facility consists of approximately 29956 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-13, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $96,408.39. This figure is scheduled for an annual increase based on a 3.9% escalation rate. A security deposit of $192,816.78 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 365 days' prior notice. 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.

Per section 10.1, Camacho-Blanchard 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 Carpenter-Shannon Properties. Late payments of rent will accrue interest at a rate of 12.9% per annum. 

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-2024-6297",
  "parties": {
    "lessor_details": {
      "name": "Carpenter-Shannon Properties",
      "entity_type": "Corporation",
      "address": "5628 Gary Trafficway\nLake Bryanmouth, FM 43063"
    },
    "lessee_details": {
      "name": "Camacho-Blanchard",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "9600 Smith Prairie Apt. 081\nOdomchester, VT 73353",
    "property_type": "Industrial",
    "lease_area_description": "Entire unit 18B in Building 4",
    "square_footage_sqft": 29956
  },
  "lease_terms": {
    "effective_date": "2024-01-07",
    "commencement_date": "2024-03-13",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 96408.39,
      "annual_escalation_rate_percent": 3.9,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (10.60%)",
        "estimated_monthly_amount_usd": 14461.26
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (24.34%)",
        "estimated_monthly_amount_usd": 9640.84
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 192816.78,
    "late_payment_interest_rate_percent": 12.9
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "North Carolina",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Carpenter-Shannon Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Carpenter-Shannon Properties",
        "Mendez PLC Mortgage Corp."
      ]
    }
  ]
}