<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-2023-4382
Status: Draft
Governing Jurisdiction: Ohio

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Carter-Pacheco Ventures, and the Tenant, Stevens Group. 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 2023-09-14.

The subject of this lease concerns the Partial unit 22B in Building 4 at the property located at 221 Eaton Flat Apt. 562
New Derekshire, NC 06820. This Office facility consists of approximately 42010 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-09-21, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $80,379.13. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $160,758.26 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months. 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 requires Landlord's explicit consent.

Per section 10.1, Stevens Group is required to maintain, at minimum, a Commercial General Liability policy of $1,000,000. The certificate of insurance must name all parties as stipulated, including Carter-Pacheco Ventures. Late payments of rent will accrue interest at a rate of 10.7% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 60 days' notice and involves a penalty structured as 10 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-2023-4382",
  "parties": {
    "lessor_details": {
      "name": "Carter-Pacheco Ventures",
      "entity_type": "LLC",
      "address": "5428 Daniel Square\nMichaelmouth, ND 93339"
    },
    "lessee_details": {
      "name": "Stevens Group",
      "entity_type": "LLC",
      "address": "62415 Smith Mission Apt. 217\nNew Heatherburgh, AR 49613"
    }
  },
  "property_details": {
    "address": "221 Eaton Flat Apt. 562\nNew Derekshire, NC 06820",
    "property_type": "Office",
    "lease_area_description": "Partial unit 22B in Building 4",
    "square_footage_sqft": 42010
  },
  "lease_terms": {
    "effective_date": "2023-09-14",
    "commencement_date": "2023-09-21",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 80379.13,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (25.0%)",
        "estimated_monthly_amount_usd": 12056.87
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (24.11%)",
        "estimated_monthly_amount_usd": 8037.91
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 160758.26,
    "late_payment_interest_rate_percent": 10.7
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Ohio",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Carter-Pacheco Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Carter-Pacheco Ventures",
        "Huang-Smith Mortgage Corp."
      ]
    }
  ]
}