<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-2023-5392
Status: Under Review
Governing Jurisdiction: New York

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Castro Ltd Properties, and the Tenant, Kelley and Sons. 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 2023-11-28.

The subject of this lease concerns the Entire suite 24B in Building 7 at the property located at 754 Candice Loop Suite 753
Atkinsonfort, NH 87744. This Mixed-Use facility consists of approximately 7117 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-17, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $15,277.83. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $30,555.66 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 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, Kelley and Sons 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 Castro Ltd Properties. Late payments of rent will accrue interest at a rate of 14.6% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 90 days' notice and involves a penalty structured as 7 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-2023-5392",
  "parties": {
    "lessor_details": {
      "name": "Castro Ltd Properties",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Kelley and Sons",
      "entity_type": "S-Corp",
      "address": "009 Peterson Valleys Apt. 704\nPort Annstad, NJ 14939"
    }
  },
  "property_details": {
    "address": "754 Candice Loop Suite 753\nAtkinsonfort, NH 87744",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire suite 24B in Building 7",
    "square_footage_sqft": 7117
  },
  "lease_terms": {
    "effective_date": "2023-11-28",
    "commencement_date": "2024-01-17",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 15277.83,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (22.91%)",
        "estimated_monthly_amount_usd": 2291.67
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (5.79%)",
        "estimated_monthly_amount_usd": 1527.78
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 30555.66,
    "late_payment_interest_rate_percent": 14.6
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "New York",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Castro Ltd Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Castro Ltd Properties",
        "Wallace-Page Mortgage Corp."
      ]
    }
  ]
}