<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-2024-6219
Status: Amended
Governing Jurisdiction: Rhode Island

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Ritter PLC Holdings, and the Tenant, Mcdowell Group. 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 2024-03-25.

The subject of this lease concerns the Entire floor 32B in Building 10 at the property located at 112 Kaitlyn Forks Apt. 732
Port Ian, WY 82350. This Office facility consists of approximately 20943 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-04-28, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $47,732.59. This figure is scheduled for an annual increase based on a 3.32% escalation rate. A security deposit of $95,465.18 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 Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Mcdowell Group 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 Ritter PLC Holdings. Late payments of rent will accrue interest at a rate of 7.5% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 60 days' notice and involves a penalty structured as 9 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-2024-6219",
  "parties": {
    "lessor_details": {
      "name": "Ritter PLC Holdings",
      "entity_type": "Limited Partnership",
      "address": "81265 Walker Bypass\nBurgessfort, PR 79121"
    },
    "lessee_details": {
      "name": "Mcdowell Group",
      "entity_type": "S-Corp",
      "address": "5851 Guzman Cliffs\nJohnmouth, GU 18632"
    }
  },
  "property_details": {
    "address": "112 Kaitlyn Forks Apt. 732\nPort Ian, WY 82350",
    "property_type": "Office",
    "lease_area_description": "Entire floor 32B in Building 10",
    "square_footage_sqft": 20943
  },
  "lease_terms": {
    "effective_date": "2024-03-25",
    "commencement_date": "2024-04-28",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 365
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 47732.59,
      "annual_escalation_rate_percent": 3.32,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (12.40%)",
        "estimated_monthly_amount_usd": 7159.89
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (23.91%)",
        "estimated_monthly_amount_usd": 4773.26
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 95465.18,
    "late_payment_interest_rate_percent": 7.5
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Rhode Island",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Ritter PLC Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Ritter PLC Holdings",
        "Jones, Daniels and Smith Mortgage Corp."
      ]
    }
  ]
}