<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-2024-5676
Status: Under Review
Governing Jurisdiction: Texas

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Pineda, Edwards and King Ventures, and the Tenant, Smith PLC. 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 2024-03-08.

The subject of this lease concerns the Partial floor 35A in Building 5 at the property located at 83839 Steven Orchard Suite 193
Paulaville, WV 89679. This Warehouse facility consists of approximately 48509 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-13, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $130,367.94. This figure is scheduled for an annual increase based on a 3.96% escalation rate. A security deposit of $130,367.94 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 180 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 requires Landlord's explicit consent.

Per section 10.1, Smith PLC 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 Pineda, Edwards and King Ventures. Late payments of rent will accrue interest at a rate of 17.0% per annum. 

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-2024-5676",
  "parties": {
    "lessor_details": {
      "name": "Pineda, Edwards and King Ventures",
      "entity_type": "Limited Partnership",
      "address": "9559 Melissa Circles\nHansonchester, KS 57592"
    },
    "lessee_details": {
      "name": "Smith PLC",
      "entity_type": "Corporation",
      "address": "73835 Kevin Lodge\nDavisview, NE 51226"
    }
  },
  "property_details": {
    "address": "83839 Steven Orchard Suite 193\nPaulaville, WV 89679",
    "property_type": "Warehouse",
    "lease_area_description": "Partial floor 35A in Building 5",
    "square_footage_sqft": 48509
  },
  "lease_terms": {
    "effective_date": "2024-03-08",
    "commencement_date": "2024-05-13",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 130367.94,
      "annual_escalation_rate_percent": 3.96,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.16%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (21.36%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 130367.94,
    "late_payment_interest_rate_percent": 17.0
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Texas",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Pineda, Edwards and King Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Pineda, Edwards and King Ventures",
        "Andrade-Evans Mortgage Corp."
      ]
    }
  ]
}