<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-2024-8094
Status: Amended
Governing Jurisdiction: West Virginia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Johnson-Mason Ventures, and the Tenant, Stewart-Pugh. 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 2024-01-02.

The subject of this lease concerns the Partial suite 5 in Building 3 at the property located at 61180 Allison Island Suite 221
South Ryanborough, CO 97897. This Industrial facility consists of approximately 35350 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-17, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $134,771.88. This figure is scheduled for an annual increase based on a 2.33% escalation rate. A security deposit of $134,771.88 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Stewart-Pugh 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 Johnson-Mason 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 5 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-2024-8094",
  "parties": {
    "lessor_details": {
      "name": "Johnson-Mason Ventures",
      "entity_type": "Limited Partnership",
      "address": "412 Gomez Curve Suite 254\nBradfordfurt, MA 65337"
    },
    "lessee_details": {
      "name": "Stewart-Pugh",
      "entity_type": "Corporation",
      "address": "373 Johnson Flat Suite 091\nLiushire, MH 55018"
    }
  },
  "property_details": {
    "address": "61180 Allison Island Suite 221\nSouth Ryanborough, CO 97897",
    "property_type": "Industrial",
    "lease_area_description": "Partial suite 5 in Building 3",
    "square_footage_sqft": 35350
  },
  "lease_terms": {
    "effective_date": "2024-01-02",
    "commencement_date": "2024-03-17",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "8 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 134771.88,
      "annual_escalation_rate_percent": 2.33,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (9.47%)",
        "estimated_monthly_amount_usd": 20215.78
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (5.50%)",
        "estimated_monthly_amount_usd": 13477.19
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 134771.88,
    "late_payment_interest_rate_percent": 11.1
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "West Virginia",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Johnson-Mason Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Johnson-Mason Ventures",
        "Griffin-Bennett Mortgage Corp."
      ]
    }
  ]
}