<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-2024-4386
Status: Draft
Governing Jurisdiction: Virginia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Stephens-Shah Ventures, and the Tenant, Davis, Stevenson and Larson. 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 2024-02-21.

The subject of this lease concerns the Entire unit 32B in Building 4 at the property located at 7548 Julie Locks Apt. 987
East Christophermouth, VI 74854. This Mixed-Use facility consists of approximately 32766 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-04-28, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $44,616.37. This figure is scheduled for an annual increase based on a 3.03% escalation rate. A security deposit of $44,616.37 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 Fixed 3% annual increase. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Davis, Stevenson and Larson is required to maintain, at minimum, a Commercial General Liability policy of $2,000,000. The certificate of insurance must name all parties as stipulated, including Stephens-Shah Ventures. Late payments of rent will accrue interest at a rate of 10.1% 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 7 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-2024-4386",
  "parties": {
    "lessor_details": {
      "name": "Stephens-Shah Ventures",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Davis, Stevenson and Larson",
      "entity_type": "LLC",
      "address": "02490 Kelly Hills Apt. 882\nEast Davidhaven, DC 16050"
    }
  },
  "property_details": {
    "address": "7548 Julie Locks Apt. 987\nEast Christophermouth, VI 74854",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire unit 32B in Building 4",
    "square_footage_sqft": 32766
  },
  "lease_terms": {
    "effective_date": "2024-02-21",
    "commencement_date": "2024-04-28",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "4 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 44616.37,
      "annual_escalation_rate_percent": 3.03,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (5.07%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (21.43%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 44616.37,
    "late_payment_interest_rate_percent": 10.1
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Virginia",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Stephens-Shah Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Stephens-Shah Ventures",
        "Valencia, Hall and Keller Mortgage Corp."
      ]
    }
  ]
}