<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-2024-1076
Status: Executed
Governing Jurisdiction: Arkansas

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Peterson, Mann and Wilson Holdings, and the Tenant, Alexander Ltd. 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 2024-03-30.

The subject of this lease concerns the Partial suite 4B in Building 9 at the property located at 34323 Mary Place
Angelicafurt, GA 92652. This Retail facility consists of approximately 12339 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-04-25, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $44,245.60. This figure is scheduled for an annual increase based on a 2.8% escalation rate. A security deposit of $88,491.20 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 CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Alexander Ltd is required to maintain, at minimum, a Commercial General Liability policy of $2,000,000. The certificate of insurance must name all parties as stipulated, including Peterson, Mann and Wilson Holdings. Late payments of rent will accrue interest at a rate of 13.1% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 180 days' notice and involves a penalty structured as 10 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-2024-1076",
  "parties": {
    "lessor_details": {
      "name": "Peterson, Mann and Wilson Holdings",
      "entity_type": "Limited Partnership",
      "address": "1267 Henry Loop\nNorth Heidichester, FM 67365"
    },
    "lessee_details": {
      "name": "Alexander Ltd",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "34323 Mary Place\nAngelicafurt, GA 92652",
    "property_type": "Retail",
    "lease_area_description": "Partial suite 4B in Building 9",
    "square_footage_sqft": 12339
  },
  "lease_terms": {
    "effective_date": "2024-03-30",
    "commencement_date": "2024-04-25",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "6 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 44245.6,
      "annual_escalation_rate_percent": 2.8,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (25.0%)",
        "estimated_monthly_amount_usd": 6636.84
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (15.04%)",
        "estimated_monthly_amount_usd": 4424.56
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 88491.2,
    "late_payment_interest_rate_percent": 13.1
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Arkansas",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Peterson, Mann and Wilson Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Peterson, Mann and Wilson Holdings",
        "Brown, Duffy and Orozco Mortgage Corp."
      ]
    }
  ]
}