<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-2024-5074
Status: Executed
Governing Jurisdiction: Georgia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Smith Inc LLC, and the Tenant, Walker-Lee. 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 2024-04-28.

The subject of this lease concerns the Entire floor 4A in Building 7 at the property located at 165 Skinner Station Suite 696
Stewartville, AZ 82279. This Industrial facility consists of approximately 18167 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-01, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $45,795.98. This figure is scheduled for an annual increase based on a 3.95% escalation rate. A security deposit of $45,795.98 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 365 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, Walker-Lee 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 Smith Inc LLC. Late payments of rent will accrue interest at a rate of 17.0% 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 3 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-2024-5074",
  "parties": {
    "lessor_details": {
      "name": "Smith Inc LLC",
      "entity_type": "LLC",
      "address": "849 Villarreal Stravenue\nRamirezhaven, NY 32258"
    },
    "lessee_details": {
      "name": "Walker-Lee",
      "entity_type": "S-Corp",
      "address": "438 Hale Parks Suite 044\nLaurenfurt, AZ 39518"
    }
  },
  "property_details": {
    "address": "165 Skinner Station Suite 696\nStewartville, AZ 82279",
    "property_type": "Industrial",
    "lease_area_description": "Entire floor 4A in Building 7",
    "square_footage_sqft": 18167
  },
  "lease_terms": {
    "effective_date": "2024-04-28",
    "commencement_date": "2024-05-01",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 45795.98,
      "annual_escalation_rate_percent": 3.95,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (23.94%)",
        "estimated_monthly_amount_usd": 6869.4
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (23.18%)",
        "estimated_monthly_amount_usd": 4579.6
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 45795.98,
    "late_payment_interest_rate_percent": 17.0
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Georgia",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Smith Inc LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Smith Inc LLC",
        "Kelley-Tyler Mortgage Corp."
      ]
    }
  ]
}