<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-2023-8886
Status: Amended
Governing Jurisdiction: Wyoming

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Mills, Rios and Waters Inc., and the Tenant, Goodwin PLC. 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 2023-10-23.

The subject of this lease concerns the Partial floor 23B in Building 7 at the property located at 2861 Smith Fall
East Jeanne, OH 16400. 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 2023-12-17, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $38,265.20. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $76,530.40 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, Goodwin PLC 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 Mills, Rios and Waters Inc.. Late payments of rent will accrue interest at a rate of 18.0% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 180 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-2023-8886",
  "parties": {
    "lessor_details": {
      "name": "Mills, Rios and Waters Inc.",
      "entity_type": "Corporation",
      "address": "80179 Angela Rue\nJasonport, WA 30248"
    },
    "lessee_details": {
      "name": "Goodwin PLC",
      "entity_type": "S-Corp",
      "address": "0549 Derrick Rapids Apt. 806\nColeton, WA 63105"
    }
  },
  "property_details": {
    "address": "2861 Smith Fall\nEast Jeanne, OH 16400",
    "property_type": "Industrial",
    "lease_area_description": "Partial floor 23B in Building 7"
  },
  "lease_terms": {
    "effective_date": "2023-10-23",
    "commencement_date": "2023-12-17",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 38265.2,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (13.97%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (15.25%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 76530.4,
    "late_payment_interest_rate_percent": 18.0
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Wyoming",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Mills, Rios and Waters Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Mills, Rios and Waters Inc.",
        "Newton-Mitchell Mortgage Corp."
      ]
    }
  ]
}