<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-2024-7105
Status: Executed
Governing Jurisdiction: Nevada

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Wilson-King Inc., and the Tenant, Johnson Ltd. 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 2024-03-02.

The subject of this lease concerns the Entire suite 37 in Building 6 at the property located at 1121 Gerald Springs
Coreyland, AK 70261. This Warehouse facility consists of approximately 45812 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-28, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $98,533.98. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $98,533.98 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Johnson Ltd 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 Wilson-King Inc.. Late payments of rent will accrue interest at a rate of 18.0% 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 8 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-2024-7105",
  "parties": {
    "lessor_details": {
      "name": "Wilson-King Inc.",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Johnson Ltd",
      "entity_type": "Corporation",
      "address": "129 Tina Spurs\nStantonburgh, MD 71382"
    }
  },
  "property_details": {
    "address": "1121 Gerald Springs\nCoreyland, AK 70261",
    "property_type": "Warehouse",
    "lease_area_description": "Entire suite 37 in Building 6",
    "square_footage_sqft": 45812
  },
  "lease_terms": {
    "effective_date": "2024-03-02",
    "commencement_date": "2024-05-28",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value"
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "8 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 98533.98,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (8.44%)",
        "estimated_monthly_amount_usd": 14780.1
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (23.48%)",
        "estimated_monthly_amount_usd": 9853.4
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 98533.98,
    "late_payment_interest_rate_percent": 18.0
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Nevada",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Wilson-King Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Wilson-King Inc.",
        "Bates-Castillo Mortgage Corp."
      ]
    }
  ]
}