<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-2023-6941
Status: Draft
Governing Jurisdiction: Connecticut

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Williams-Davis Holdings, and the Tenant, Vargas, Klein and Scott. 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 Entire suite 38A in Building 4 at the property located at 66113 Morrison Motorway Apt. 585
Evansfurt, IN 83659. This Office facility consists of the specified area and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-23, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $189,660.42. This figure is scheduled for an annual increase based on a 2.73% escalation rate. A security deposit of $189,660.42 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 90 days' prior notice. 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, Vargas, Klein and Scott 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 Williams-Davis Holdings. Late payments of rent will accrue interest at a rate of 13.8% 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 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-2023-6941",
  "parties": {
    "lessor_details": {
      "name": "Williams-Davis Holdings",
      "entity_type": "LLC",
      "address": "824 Stanley Flat Suite 038\nPort Kimberly, RI 84567"
    },
    "lessee_details": {
      "name": "Vargas, Klein and Scott",
      "entity_type": "LLC",
      "address": "2368 Jennifer Inlet Suite 652\nEast Mariochester, MO 27748"
    }
  },
  "property_details": {
    "address": "66113 Morrison Motorway Apt. 585\nEvansfurt, IN 83659",
    "property_type": "Office",
    "lease_area_description": "Entire suite 38A in Building 4"
  },
  "lease_terms": {
    "effective_date": "2023-10-24",
    "commencement_date": "2023-12-23",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 189660.42,
      "annual_escalation_rate_percent": 2.73,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (13.78%)",
        "estimated_monthly_amount_usd": 28449.06
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (16.74%)",
        "estimated_monthly_amount_usd": 18966.04
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 189660.42,
    "late_payment_interest_rate_percent": 13.8
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Connecticut",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Williams-Davis Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Williams-Davis Holdings",
        "Price-Contreras Mortgage Corp."
      ]
    }
  ]
}