<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-2023-1483
Status: Under Review
Governing Jurisdiction: Mississippi

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Mendoza, Randall and Santana Ventures, and the Tenant, Stone-Brown. 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 2023-08-20.

The subject of this lease concerns the Partial suite 39B in Building 6 at the property located at 64767 Michelle Light
Lake Elizabeth, VT 92457. This Retail 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 2023-09-23, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $49,110.10. This figure is scheduled for an annual increase based on a 1.85% escalation rate. A security deposit of $98,220.20 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 Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Stone-Brown 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 Mendoza, Randall and Santana Ventures. Late payments of rent will accrue interest at a rate of 6.0% 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 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-2023-1483",
  "parties": {
    "lessor_details": {
      "name": "Mendoza, Randall and Santana Ventures",
      "entity_type": "Corporation",
      "address": "26391 Rogers Mountain Suite 552\nWest Jessicaland, NV 09895"
    },
    "lessee_details": {
      "name": "Stone-Brown",
      "entity_type": "S-Corp",
      "address": "8641 Nicholas Coves\nNew Danny, NE 15251"
    }
  },
  "property_details": {
    "address": "64767 Michelle Light\nLake Elizabeth, VT 92457",
    "property_type": "Retail",
    "lease_area_description": "Partial suite 39B in Building 6"
  },
  "lease_terms": {
    "effective_date": "2023-08-20",
    "commencement_date": "2023-09-23",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 49110.1,
      "annual_escalation_rate_percent": 1.85,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (5.92%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (11.02%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 98220.2,
    "late_payment_interest_rate_percent": 6.0
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Mississippi",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Mendoza, Randall and Santana Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Mendoza, Randall and Santana Ventures",
        "King and Sons Mortgage Corp."
      ]
    }
  ]
}