<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-2023-4501
Status: Executed
Governing Jurisdiction: Florida

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Murphy, West and Smith Ventures, and the Tenant, Romero, Williams and Jenkins. 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 2023-11-05.

The subject of this lease concerns the Partial suite 48 in Building 9 at the property located at 493 Wanda Camp Suite 597
Morrisland, WY 28677. This Mixed-Use facility consists of the specified area and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-28, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $30,055.26. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $30,055.26 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 270 days' prior notice. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Romero, Williams and Jenkins 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 Murphy, West and Smith Ventures. Late payments of rent will accrue interest at a rate of 6.8% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 180 days' notice and involves a penalty structured as 12 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-2023-4501",
  "parties": {
    "lessor_details": {
      "name": "Murphy, West and Smith Ventures",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Romero, Williams and Jenkins",
      "entity_type": "Corporation",
      "address": "5374 Harris Hill\nHowardtown, RI 72058"
    }
  },
  "property_details": {
    "address": "493 Wanda Camp Suite 597\nMorrisland, WY 28677",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial suite 48 in Building 9"
  },
  "lease_terms": {
    "effective_date": "2023-11-05",
    "commencement_date": "2024-01-28",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "6 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 30055.26,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.48%)",
        "estimated_monthly_amount_usd": 4508.29
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (16.68%)",
        "estimated_monthly_amount_usd": 3005.53
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 30055.26,
    "late_payment_interest_rate_percent": 6.8
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Florida",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Murphy, West and Smith Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Murphy, West and Smith Ventures",
        "Vincent-Peterson Mortgage Corp."
      ]
    }
  ]
}