<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-2023-3753
Status: Draft
Governing Jurisdiction: Texas

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, White-Johnson Holdings, and the Tenant, Ramsey, Smith and Snyder. 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 2023-12-03.

The subject of this lease concerns the Partial floor 30 in Building 10 at the property located at 13920 Williams Port Suite 828
Tapiamouth, PR 53683. This Industrial facility consists of the specified area and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-13, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $13,879.69. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $27,759.38 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 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, Ramsey, Smith and Snyder 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 White-Johnson Holdings. Late payments of rent will accrue interest at a rate of 6.2% 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 11 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-2023-3753",
  "parties": {
    "lessor_details": {
      "name": "White-Johnson Holdings",
      "entity_type": "Corporation",
      "address": "Unit 3170 Box 4725\nDPO AE 11938"
    },
    "lessee_details": {
      "name": "Ramsey, Smith and Snyder",
      "entity_type": "LLC",
      "address": "00724 Gonzalez Summit\nLake Catherineville, AL 16475"
    }
  },
  "property_details": {
    "address": "13920 Williams Port Suite 828\nTapiamouth, PR 53683",
    "property_type": "Industrial",
    "lease_area_description": "Partial floor 30 in Building 10"
  },
  "lease_terms": {
    "effective_date": "2023-12-03",
    "commencement_date": "2023-12-13",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 13879.69,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.12%)",
        "estimated_monthly_amount_usd": 2081.95
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (14.12%)",
        "estimated_monthly_amount_usd": 1387.97
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 27759.38,
    "late_payment_interest_rate_percent": 6.2
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Texas",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "White-Johnson Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "White-Johnson Holdings",
        "Barker PLC Mortgage Corp."
      ]
    }
  ]
}