<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-2024-1399
Status: Executed
Governing Jurisdiction: New York

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, White Inc LLC, and the Tenant, Stewart 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 2024-07-18.

The subject of this lease concerns the Partial unit 27B in Building 2 at the property located at 2625 Miller Creek Suite 378
Johnburgh, GU 42719. This Retail facility consists of the specified area and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-08-18, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $11,833.66. This figure is scheduled for an annual increase based on a 3.0% escalation rate. A security deposit of $11,833.66 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months. 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, Stewart 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 White Inc LLC. Late payments of rent will accrue interest at a rate of 7.3% 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 9 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-2024-1399",
  "parties": {
    "lessor_details": {
      "name": "White Inc LLC",
      "entity_type": "Limited Partnership",
      "address": "4066 Jeremy Mountains\nMichaelchester, FM 74511"
    },
    "lessee_details": {
      "name": "Stewart PLC",
      "entity_type": "LLC",
      "address": "678 Michael Burg\nPort Matthewborough, VI 63111"
    }
  },
  "property_details": {
    "address": "2625 Miller Creek Suite 378\nJohnburgh, GU 42719",
    "property_type": "Retail",
    "lease_area_description": "Partial unit 27B in Building 2"
  },
  "lease_terms": {
    "effective_date": "2024-07-18",
    "commencement_date": "2024-08-18",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 11833.66,
      "annual_escalation_rate_percent": 3.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (13.68%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (6.61%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 11833.66,
    "late_payment_interest_rate_percent": 7.3
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "New York",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "White Inc LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "White Inc LLC",
        "Gonzales, Johnson and Camacho Mortgage Corp."
      ]
    }
  ]
}