<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-2023-1316
Status: Under Review
Governing Jurisdiction: Wisconsin

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Mitchell, Rose and Gonzalez Ventures, and the Tenant, Klein, Smith and Mitchell. 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 2023-11-02.

The subject of this lease concerns the Partial suite 21 in Building 5 at the property located at 11431 Lauren Canyon Apt. 803
Holtland, NH 45564. This Retail facility consists of approximately 30099 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-16, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $85,706.90. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $171,413.80 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 180 days' prior notice. 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, Klein, Smith and Mitchell 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 Mitchell, Rose and Gonzalez Ventures. Late payments of rent will accrue interest at a rate of 11.1% 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 8 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-2023-1316",
  "parties": {
    "lessor_details": {
      "name": "Mitchell, Rose and Gonzalez Ventures",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Klein, Smith and Mitchell",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "11431 Lauren Canyon Apt. 803\nHoltland, NH 45564",
    "property_type": "Retail",
    "lease_area_description": "Partial suite 21 in Building 5",
    "square_footage_sqft": 30099
  },
  "lease_terms": {
    "effective_date": "2023-11-02",
    "commencement_date": "2023-12-16",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 180
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "8 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 85706.9,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (15.70%)",
        "estimated_monthly_amount_usd": 12856.04
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (10.05%)",
        "estimated_monthly_amount_usd": 8570.69
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 171413.8,
    "late_payment_interest_rate_percent": 11.1
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Wisconsin",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Mitchell, Rose and Gonzalez Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Mitchell, Rose and Gonzalez Ventures",
        "Cardenas-Lowe Mortgage Corp."
      ]
    }
  ]
}