<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-2024-5868
Status: Amended
Governing Jurisdiction: Louisiana

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Wilson Group Ventures, and the Tenant, Sharp LLC. 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 2024-04-02.

The subject of this lease concerns the Entire unit 44B in Building 1 at the property located at 913 Reed Green Suite 551
South Maryport, WV 34539. This Industrial facility consists of the specified area and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-06, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $127,114.59. This figure is scheduled for an annual increase based on a 3.86% escalation rate. A security deposit of $127,114.59 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 180 days' prior notice. 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 is permitted subject to standard conditions.

Per section 10.1, Sharp LLC 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 Wilson Group Ventures. Late payments of rent will accrue interest at a rate of 8.3% 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-2024-5868",
  "parties": {
    "lessor_details": {
      "name": "Wilson Group Ventures",
      "entity_type": "Corporation",
      "address": "483 Timothy Drive Suite 702\nNorth Kurtmouth, NV 38992"
    },
    "lessee_details": {
      "name": "Sharp LLC",
      "entity_type": "Corporation",
      "address": "PSC 9622, Box 3305\nAPO AP 75231"
    }
  },
  "property_details": {
    "address": "913 Reed Green Suite 551\nSouth Maryport, WV 34539",
    "property_type": "Industrial",
    "lease_area_description": "Entire unit 44B in Building 1"
  },
  "lease_terms": {
    "effective_date": "2024-04-02",
    "commencement_date": "2024-05-06",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 180
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      },
      {
        "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": 127114.59,
      "annual_escalation_rate_percent": 3.86,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (8.11%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (15.57%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 127114.59,
    "late_payment_interest_rate_percent": 8.3
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Louisiana",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Wilson Group Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Wilson Group Ventures",
        "Martinez-Ramsey Mortgage Corp."
      ]
    }
  ]
}