<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-2024-5682
Status: Executed
Governing Jurisdiction: Wisconsin

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Vasquez-Odonnell Holdings, and the Tenant, Wong-Stewart. 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 2024-06-20.

The subject of this lease concerns the Partial unit 4 in Building 8 at the property located at 4011 Peter Roads
West Nicholasshire, GA 43779. This Warehouse facility consists of approximately 36302 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-08-19, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $86,792.03. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $173,584.06 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 270 days' prior notice. 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, Wong-Stewart 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 Vasquez-Odonnell Holdings. Late payments of rent will accrue interest at a rate of 5.8% 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-2024-5682",
  "parties": {
    "lessor_details": {
      "name": "Vasquez-Odonnell Holdings",
      "entity_type": "LLC",
      "address": "Unit 3813 Box 3284\nDPO AA 52819"
    },
    "lessee_details": {
      "name": "Wong-Stewart",
      "entity_type": "Corporation",
      "address": "35780 Bishop Path\nStephaniestad, AR 27645"
    }
  },
  "property_details": {
    "address": "4011 Peter Roads\nWest Nicholasshire, GA 43779",
    "property_type": "Warehouse",
    "lease_area_description": "Partial unit 4 in Building 8",
    "square_footage_sqft": 36302
  },
  "lease_terms": {
    "effective_date": "2024-06-20",
    "commencement_date": "2024-08-19",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 86792.03,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (10.98%)",
        "estimated_monthly_amount_usd": 13018.8
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (21.17%)",
        "estimated_monthly_amount_usd": 8679.2
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 173584.06,
    "late_payment_interest_rate_percent": 5.8
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Wisconsin",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Vasquez-Odonnell Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Vasquez-Odonnell Holdings",
        "Roberson-Hernandez Mortgage Corp."
      ]
    }
  ]
}