<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-2023-8688
Status: Amended
Governing Jurisdiction: South Carolina

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Roth-Simpson LLC, and the Tenant, Smith, Wallace and Christensen. 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 2023-08-30.

The subject of this lease concerns the Entire unit 10 in Building 3 at the property located at 24224 Barber Fort
South Jon, MT 42928. This Mixed-Use facility consists of approximately 16229 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-11-25, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $59,249.37. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $118,498.74 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 Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Smith, Wallace and Christensen is required to maintain, at minimum, a Commercial General Liability policy of $5,000,000. The certificate of insurance must name all parties as stipulated, including Roth-Simpson LLC. Late payments of rent will accrue interest at a rate of 10.2% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 60 days' notice and involves a penalty structured as 5 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-2023-8688",
  "parties": {
    "lessor_details": {
      "name": "Roth-Simpson LLC",
      "entity_type": "LLC",
      "address": "9163 Duran Parkway Suite 265\nGreenville, RI 29602"
    },
    "lessee_details": {
      "name": "Smith, Wallace and Christensen",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "24224 Barber Fort\nSouth Jon, MT 42928",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire unit 10 in Building 3",
    "square_footage_sqft": 16229
  },
  "lease_terms": {
    "effective_date": "2023-08-30",
    "commencement_date": "2023-11-25",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 59249.37,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (17.95%)",
        "estimated_monthly_amount_usd": 8887.41
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (14.72%)",
        "estimated_monthly_amount_usd": 5924.94
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 118498.74,
    "late_payment_interest_rate_percent": 10.2
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "South Carolina",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Roth-Simpson LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Roth-Simpson LLC",
        "Bowen and Sons Mortgage Corp."
      ]
    }
  ]
}