<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-2023-1964
Status: Draft
Governing Jurisdiction: New Jersey

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Ewing LLC Ventures, and the Tenant, Davis, Cruz and Weeks. 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 2023-10-11.

The subject of this lease concerns the Entire unit 25B in Building 1 at the property located at Unit 9403 Box 5333
DPO AP 95977. This Retail facility consists of approximately 40670 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-07, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $82,356.75. This figure is scheduled for an annual increase based on a 2.88% escalation rate. A security deposit of $164,713.50 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 365 days' prior notice. During any such renewal, the rent will be adjusted according to CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Davis, Cruz and Weeks 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 Ewing LLC Ventures. Late payments of rent will accrue interest at a rate of 10.6% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 180 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-2023-1964",
  "parties": {
    "lessor_details": {
      "name": "Ewing LLC Ventures",
      "entity_type": "Corporation",
      "address": "61354 Tara River Suite 214\nNorth Karen, KY 19725"
    },
    "lessee_details": {
      "name": "Davis, Cruz and Weeks",
      "entity_type": "Corporation"
    }
  },
  "property_details": {
    "address": "Unit 9403 Box 5333\nDPO AP 95977",
    "property_type": "Retail",
    "lease_area_description": "Entire unit 25B in Building 1",
    "square_footage_sqft": 40670
  },
  "lease_terms": {
    "effective_date": "2023-10-11",
    "commencement_date": "2023-12-07",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 82356.75,
      "annual_escalation_rate_percent": 2.88,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (14.09%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (12.90%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 164713.5,
    "late_payment_interest_rate_percent": 10.6
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "New Jersey",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Ewing LLC Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Ewing LLC Ventures",
        "Baker, Griffith and Flores Mortgage Corp."
      ]
    }
  ]
}