<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-2024-7063
Status: Under Review
Governing Jurisdiction: Montana

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Stewart, Campbell and Allen Holdings, and the Tenant, Taylor-Weaver. 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 2024-03-09.

The subject of this lease concerns the Partial floor 39A in Building 6 at the property located at 71187 Stephen Terrace Suite 514
Webbport, HI 65650. This Office facility consists of approximately 9750 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-12, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $33,174.38. This figure is scheduled for an annual increase based on a 2.02% escalation rate. A security deposit of $66,348.76 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 180 days' prior notice. During any such renewal, the rent will be adjusted according to CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Taylor-Weaver 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 Stewart, Campbell and Allen Holdings. Note the existence of a Landlord Recapture Right clause, which can be triggered with 60 days' notice and involves a penalty structured as 6 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-2024-7063",
  "parties": {
    "lessor_details": {
      "name": "Stewart, Campbell and Allen Holdings",
      "entity_type": "Limited Partnership",
      "address": "5127 Hunter Village\nNew Brittany, VI 24472"
    },
    "lessee_details": {
      "name": "Taylor-Weaver",
      "entity_type": "LLC",
      "address": "87414 Young Isle\nSouth Emilyville, IA 75302"
    }
  },
  "property_details": {
    "address": "71187 Stephen Terrace Suite 514\nWebbport, HI 65650",
    "property_type": "Office",
    "lease_area_description": "Partial floor 39A in Building 6",
    "square_footage_sqft": 9750
  },
  "lease_terms": {
    "effective_date": "2024-03-09",
    "commencement_date": "2024-03-12",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "6 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 33174.38,
      "annual_escalation_rate_percent": 2.02,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (12.63%)",
        "estimated_monthly_amount_usd": 4976.16
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (20.89%)",
        "estimated_monthly_amount_usd": 3317.44
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 66348.76
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Montana",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Stewart, Campbell and Allen Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Stewart, Campbell and Allen Holdings",
        "Stein, Freeman and Smith Mortgage Corp."
      ]
    }
  ]
}