<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-2023-4369
Status: Under Review
Governing Jurisdiction: North Carolina

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Little Group Inc., and the Tenant, Forbes, Weaver and Vasquez. 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 2023-10-24.

The subject of this lease concerns the Partial suite 12 in Building 1 at the property located at 25439 Lisa Brook
Robertschester, PW 36044. This Mixed-Use facility consists of approximately 45516 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-10-31, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $156,461.25. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $156,461.25 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, Forbes, Weaver and Vasquez 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 Little Group Inc.. Note the existence of a Tenant Early Termination Option 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-2023-4369",
  "parties": {
    "lessor_details": {
      "name": "Little Group Inc.",
      "entity_type": "LLC",
      "address": "621 Jensen Fords\nRoyfort, TN 32767"
    },
    "lessee_details": {
      "name": "Forbes, Weaver and Vasquez",
      "entity_type": "LLC",
      "address": "USNV Stafford\nFPO AE 20181"
    }
  },
  "property_details": {
    "address": "25439 Lisa Brook\nRobertschester, PW 36044",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial suite 12 in Building 1",
    "square_footage_sqft": 45516
  },
  "lease_terms": {
    "effective_date": "2023-10-24",
    "commencement_date": "2023-10-31",
    "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": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 156461.25,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.30%)",
        "estimated_monthly_amount_usd": 23469.19
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (6.64%)",
        "estimated_monthly_amount_usd": 15646.12
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 156461.25
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "North Carolina",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Little Group Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Little Group Inc.",
        "Crosby Inc Mortgage Corp."
      ]
    }
  ]
}