<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-2023-9467
Status: Executed
Governing Jurisdiction: Ohio

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Davis, Sanders and Smith Inc., and the Tenant, Ritter-Mendoza. 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 2023-12-19.

The subject of this lease concerns the Partial unit 33A in Building 7 at the property located at 07879 Knight Meadow Suite 257
Mannshire, MN 51959. This Industrial facility consists of approximately 38867 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-15, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $111,969.35. This figure is scheduled for an annual increase based on a 2.86% escalation rate. A security deposit of $223,938.70 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 270 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, Ritter-Mendoza 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 Davis, Sanders and Smith Inc.. Late payments of rent will accrue interest at a rate of 18.0% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 180 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-2023-9467",
  "parties": {
    "lessor_details": {
      "name": "Davis, Sanders and Smith Inc.",
      "entity_type": "Limited Partnership",
      "address": "923 Juan Loaf Apt. 178\nPort Samanthafurt, MP 87051"
    },
    "lessee_details": {
      "name": "Ritter-Mendoza",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "07879 Knight Meadow Suite 257\nMannshire, MN 51959",
    "property_type": "Industrial",
    "lease_area_description": "Partial unit 33A in Building 7",
    "square_footage_sqft": 38867
  },
  "lease_terms": {
    "effective_date": "2023-12-19",
    "commencement_date": "2024-03-15",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 111969.35,
      "annual_escalation_rate_percent": 2.86,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.10%)",
        "estimated_monthly_amount_usd": 16795.4
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (13.88%)",
        "estimated_monthly_amount_usd": 11196.94
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 223938.7,
    "late_payment_interest_rate_percent": 18.0
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Ohio",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Davis, Sanders and Smith Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Davis, Sanders and Smith Inc.",
        "Gomez-Martin Mortgage Corp."
      ]
    }
  ]
}