<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-2024-8197
Status: Draft
Governing Jurisdiction: Tennessee

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Walters-Villanueva Holdings, and the Tenant, Jones Inc. 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 2024-04-20.

The subject of this lease concerns the Partial floor 30 in Building 2 at the property located at 84732 Wells Field Apt. 716
Williambury, NH 28173. This Industrial facility consists of approximately 40893 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-07-14, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $201,329.87. This figure is scheduled for an annual increase based on a 2.87% escalation rate. A security deposit of $402,659.74 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 requires Landlord's explicit consent.

Per section 10.1, Jones Inc is required to maintain, at minimum, a Commercial General Liability policy of $5,000,000. The certificate of insurance must name all parties as stipulated, including Walters-Villanueva Holdings. Late payments of rent will accrue interest at a rate of 5.2% per annum. Note the existence of a Tenant Early Termination Option 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-2024-8197",
  "parties": {
    "lessor_details": {
      "name": "Walters-Villanueva Holdings",
      "entity_type": "Limited Partnership",
      "address": "507 Justin Branch\nWest Nicoleville, WA 32334"
    },
    "lessee_details": {
      "name": "Jones Inc",
      "entity_type": "LLC",
      "address": "404 Melanie Crossroad\nEast Ashleyborough, OR 14601"
    }
  },
  "property_details": {
    "address": "84732 Wells Field Apt. 716\nWilliambury, NH 28173",
    "property_type": "Industrial",
    "lease_area_description": "Partial floor 30 in Building 2",
    "square_footage_sqft": 40893
  },
  "lease_terms": {
    "effective_date": "2024-04-20",
    "commencement_date": "2024-07-14",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 201329.87,
      "annual_escalation_rate_percent": 2.87,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (23.19%)",
        "estimated_monthly_amount_usd": 30199.48
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (14.63%)",
        "estimated_monthly_amount_usd": 20132.99
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 402659.74,
    "late_payment_interest_rate_percent": 5.2
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Tennessee",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Walters-Villanueva Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Walters-Villanueva Holdings",
        "Silva Ltd Mortgage Corp."
      ]
    }
  ]
}