<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-2023-4839
Status: Executed
Governing Jurisdiction: North Dakota

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Gibson LLC LLC, and the Tenant, Wade-Smith. 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 2023-10-22.

The subject of this lease concerns the Partial suite 17 in Building 1 at the property located at 9441 Katrina Keys Apt. 874
Griffinhaven, DC 61260. This Warehouse facility consists of the specified area and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-21, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $56,175.15. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $112,350.30 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 CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Wade-Smith 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 Gibson LLC LLC. Late payments of rent will accrue interest at a rate of 13.5% per annum. 

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-2023-4839",
  "parties": {
    "lessor_details": {
      "name": "Gibson LLC LLC",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Wade-Smith",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "9441 Katrina Keys Apt. 874\nGriffinhaven, DC 61260",
    "property_type": "Warehouse",
    "lease_area_description": "Partial suite 17 in Building 1"
  },
  "lease_terms": {
    "effective_date": "2023-10-22",
    "commencement_date": "2023-12-21",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 56175.15,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (8.65%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (12.29%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 112350.3,
    "late_payment_interest_rate_percent": 13.5
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "North Dakota",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Gibson LLC LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Gibson LLC LLC",
        "Solomon-Gonzalez Mortgage Corp."
      ]
    }
  ]
}