<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-2023-7291
Status: Executed
Governing Jurisdiction: Arkansas

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Gordon, Patrick and Wright LLC, and the Tenant, Williams, Nguyen and Willis. 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 2023-12-28.

The subject of this lease concerns the Partial floor 41A in Building 8 at the property located at 99980 Larry View
South Nicholas, NE 59101. This Warehouse facility consists of approximately 19992 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-02-26, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $71,604.68. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $143,209.36 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, Williams, Nguyen and Willis 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 Gordon, Patrick and Wright LLC. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 180 days' notice and involves a penalty structured as 6 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-2023-7291",
  "parties": {
    "lessor_details": {
      "name": "Gordon, Patrick and Wright LLC",
      "entity_type": "Limited Partnership",
      "address": "393 Randolph Union Suite 848\nSmithview, NV 02751"
    },
    "lessee_details": {
      "name": "Williams, Nguyen and Willis",
      "entity_type": "Corporation",
      "address": "49601 Kathleen Mountain\nTylertown, MS 01348"
    }
  },
  "property_details": {
    "address": "99980 Larry View\nSouth Nicholas, NE 59101",
    "property_type": "Warehouse",
    "lease_area_description": "Partial floor 41A in Building 8",
    "square_footage_sqft": 19992
  },
  "lease_terms": {
    "effective_date": "2023-12-28",
    "commencement_date": "2024-02-26",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "6 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 71604.68,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (18.09%)",
        "estimated_monthly_amount_usd": 10740.7
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (12.62%)",
        "estimated_monthly_amount_usd": 7160.47
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 143209.36
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Arkansas",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Gordon, Patrick and Wright LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Gordon, Patrick and Wright LLC",
        "Sanchez, Hill and Rodriguez Mortgage Corp."
      ]
    }
  ]
}