<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-2023-1310
Status: Amended
Governing Jurisdiction: Minnesota

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Campbell Group Properties, and the Tenant, Wallace LLC. 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 2023-11-30.

The subject of this lease concerns the Partial floor 24 in Building 8 at the property located at 4796 Thomas Cliff Suite 990
Lake Warren, MT 65612. This Warehouse facility consists of the specified area and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-15, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $61,115.03. This figure is scheduled for an annual increase based on a 2.54% escalation rate. A security deposit of $122,230.06 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 is permitted subject to standard conditions.

Per section 10.1, Wallace LLC 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 Campbell Group Properties. Late payments of rent will accrue interest at a rate of 14.9% 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-2023-1310",
  "parties": {
    "lessor_details": {
      "name": "Campbell Group Properties",
      "entity_type": "Limited Partnership",
      "address": "93258 Eric Fork\nMicheleberg, NY 07400"
    },
    "lessee_details": {
      "name": "Wallace LLC",
      "entity_type": "LLC",
      "address": "7461 Hernandez Radial\nWest Carlatown, ID 36212"
    }
  },
  "property_details": {
    "address": "4796 Thomas Cliff Suite 990\nLake Warren, MT 65612",
    "property_type": "Warehouse",
    "lease_area_description": "Partial floor 24 in Building 8"
  },
  "lease_terms": {
    "effective_date": "2023-11-30",
    "commencement_date": "2024-01-15",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value"
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 61115.03,
      "annual_escalation_rate_percent": 2.54,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (24.75%)",
        "estimated_monthly_amount_usd": 9167.25
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (23.78%)",
        "estimated_monthly_amount_usd": 6111.5
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 122230.06,
    "late_payment_interest_rate_percent": 14.9
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Minnesota",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Campbell Group Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Campbell Group Properties",
        "Chavez, Clark and Marquez Mortgage Corp."
      ]
    }
  ]
}