<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-2024-5449
Status: Amended
Governing Jurisdiction: South Dakota

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Stein-Smith Ventures, and the Tenant, Myers-Lopez. 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 2024-06-05.

The subject of this lease concerns the Partial floor 32A in Building 5 at the property located at 06820 Thompson Crossing Apt. 828
Lake Victoria, TN 06135. This Warehouse facility consists of approximately 38246 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-07-16, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $182,847.75. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $182,847.75 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 90 days' prior notice. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Myers-Lopez 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 Stein-Smith Ventures. Late payments of rent will accrue interest at a rate of 17.5% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 90 days' notice and involves a penalty structured as 11 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-2024-5449",
  "parties": {
    "lessor_details": {
      "name": "Stein-Smith Ventures",
      "entity_type": "Corporation",
      "address": "610 Ferguson Pines Suite 052\nThomasville, UT 99103"
    },
    "lessee_details": {
      "name": "Myers-Lopez",
      "entity_type": "LLC",
      "address": "091 Scott Junctions Suite 461\nLake Lauraburgh, MN 34518"
    }
  },
  "property_details": {
    "address": "06820 Thompson Crossing Apt. 828\nLake Victoria, TN 06135",
    "property_type": "Warehouse",
    "lease_area_description": "Partial floor 32A in Building 5",
    "square_footage_sqft": 38246
  },
  "lease_terms": {
    "effective_date": "2024-06-05",
    "commencement_date": "2024-07-16",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 182847.75,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.89%)",
        "estimated_monthly_amount_usd": 27427.16
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (16.70%)",
        "estimated_monthly_amount_usd": 18284.78
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 182847.75,
    "late_payment_interest_rate_percent": 17.5
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "South Dakota",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Stein-Smith Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Stein-Smith Ventures",
        "Swanson-York Mortgage Corp."
      ]
    }
  ]
}