<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-2023-1986
Status: Draft
Governing Jurisdiction: Washington

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Moore-Walsh Properties, and the Tenant, Payne Inc. 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 2023-10-16.

The subject of this lease concerns the Entire unit 46A in Building 1 at the property located at 70802 Frost Ports Suite 350
Port Morganmouth, NC 61372. This Industrial facility consists of approximately 18259 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-16, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $22,899.83. This figure is scheduled for an annual increase based on a 2.17% escalation rate. A security deposit of $45,799.66 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Payne Inc 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 Moore-Walsh Properties. Late payments of rent will accrue interest at a rate of 9.7% 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-2023-1986",
  "parties": {
    "lessor_details": {
      "name": "Moore-Walsh Properties",
      "entity_type": "Limited Partnership",
      "address": "3076 Christian Square\nHeidiport, RI 78177"
    },
    "lessee_details": {
      "name": "Payne Inc",
      "entity_type": "LLC",
      "address": "830 Brown Knoll\nNorth Kimberly, NE 97025"
    }
  },
  "property_details": {
    "address": "70802 Frost Ports Suite 350\nPort Morganmouth, NC 61372",
    "property_type": "Industrial",
    "lease_area_description": "Entire unit 46A in Building 1",
    "square_footage_sqft": 18259
  },
  "lease_terms": {
    "effective_date": "2023-10-16",
    "commencement_date": "2023-12-16",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 22899.83,
      "annual_escalation_rate_percent": 2.17,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (19.67%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (5.05%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 45799.66,
    "late_payment_interest_rate_percent": 9.7
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Washington",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Moore-Walsh Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Moore-Walsh Properties",
        "Smith, Gray and Delacruz Mortgage Corp."
      ]
    }
  ]
}