<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-2024-8678
Status: Executed
Governing Jurisdiction: Virginia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Lynch, Campbell and Greene Inc., and the Tenant, Cisneros, Miller and Stafford. 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 2024-06-30.

The subject of this lease concerns the Entire floor 40 in Building 9 at the property located at 5630 David Vista Suite 781
Bishopchester, WV 87217. This Retail facility consists of approximately 43125 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-07-12, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $164,953.12. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $164,953.12 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months. 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, Cisneros, Miller and Stafford 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 Lynch, Campbell and Greene Inc.. Late payments of rent will accrue interest at a rate of 8.7% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 60 days' notice and involves a penalty structured as 3 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-2024-8678",
  "parties": {
    "lessor_details": {
      "name": "Lynch, Campbell and Greene Inc.",
      "entity_type": "LLC",
      "address": "837 Whitaker Turnpike\nHansenfurt, GU 75257"
    },
    "lessee_details": {
      "name": "Cisneros, Miller and Stafford",
      "entity_type": "S-Corp",
      "address": "43712 Mccoy Harbor\nWrightside, DE 43296"
    }
  },
  "property_details": {
    "address": "5630 David Vista Suite 781\nBishopchester, WV 87217",
    "property_type": "Retail",
    "lease_area_description": "Entire floor 40 in Building 9",
    "square_footage_sqft": 43125
  },
  "lease_terms": {
    "effective_date": "2024-06-30",
    "commencement_date": "2024-07-12",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "6 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 164953.12,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (10.32%)",
        "estimated_monthly_amount_usd": 24742.97
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (10.62%)",
        "estimated_monthly_amount_usd": 16495.31
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 164953.12,
    "late_payment_interest_rate_percent": 8.7
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Virginia",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Lynch, Campbell and Greene Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Lynch, Campbell and Greene Inc.",
        "Huff, Krause and Chang Mortgage Corp."
      ]
    }
  ]
}