<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-2024-3342
Status: Amended
Governing Jurisdiction: West Virginia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Tyler, Washington and Ramos LLC, and the Tenant, Franco, Walsh and White. 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 2024-01-29.

The subject of this lease concerns the Entire unit 46 in Building 10 at the property located at 79958 Ray Port
West Marcusstad, SD 40357. This Mixed-Use facility consists of approximately 9568 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-02-27, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $42,011.49. This figure is scheduled for an annual increase based on a 3.76% escalation rate. A security deposit of $42,011.49 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 CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Franco, Walsh and White 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 Tyler, Washington and Ramos LLC. Late payments of rent will accrue interest at a rate of 16.4% 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-2024-3342",
  "parties": {
    "lessor_details": {
      "name": "Tyler, Washington and Ramos LLC",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Franco, Walsh and White",
      "entity_type": "LLC",
      "address": "001 Trevor Centers Suite 735\nAngelicashire, TN 03672"
    }
  },
  "property_details": {
    "address": "79958 Ray Port\nWest Marcusstad, SD 40357",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire unit 46 in Building 10",
    "square_footage_sqft": 9568
  },
  "lease_terms": {
    "effective_date": "2024-01-29",
    "commencement_date": "2024-02-27",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 42011.49,
      "annual_escalation_rate_percent": 3.76,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (12.96%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (21.81%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 42011.49,
    "late_payment_interest_rate_percent": 16.4
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "West Virginia",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Tyler, Washington and Ramos LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Tyler, Washington and Ramos LLC",
        "Love Inc Mortgage Corp."
      ]
    }
  ]
}