<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-2024-5879
Status: Executed
Governing Jurisdiction: Iowa

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Russell Group Properties, and the Tenant, Stephenson, Torres and Howard. 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 floor 42 in Building 2 at the property located at 86858 Peter Haven
Garyland, DE 41307. This Industrial facility consists of approximately 34221 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-02-27, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $170,021.33. This figure is scheduled for an annual increase based on a 3.92% escalation rate. A security deposit of $170,021.33 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 90 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, Stephenson, Torres and Howard 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 Russell Group Properties. 

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-2024-5879",
  "parties": {
    "lessor_details": {
      "name": "Russell Group Properties",
      "entity_type": "LLC",
      "address": "682 Robert Meadows Apt. 709\nJuarezport, OK 23160"
    },
    "lessee_details": {
      "name": "Stephenson, Torres and Howard",
      "entity_type": "LLC",
      "address": "013 Moore Alley\nEast Renee, ND 06132"
    }
  },
  "property_details": {
    "address": "86858 Peter Haven\nGaryland, DE 41307",
    "property_type": "Industrial",
    "lease_area_description": "Partial floor 42 in Building 2",
    "square_footage_sqft": 34221
  },
  "lease_terms": {
    "effective_date": "2024-01-02",
    "commencement_date": "2024-02-27",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 170021.33,
      "annual_escalation_rate_percent": 3.92,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (20.63%)",
        "estimated_monthly_amount_usd": 25503.2
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (24.14%)",
        "estimated_monthly_amount_usd": 17002.13
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 170021.33
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Iowa",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Russell Group Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Russell Group Properties",
        "Sanchez-Weber Mortgage Corp."
      ]
    }
  ]
}