<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-2024-8620
Status: Under Review
Governing Jurisdiction: Texas

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Walker Inc Inc., and the Tenant, Wallace Group. 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 2024-06-30.

The subject of this lease concerns the Entire unit 26B in Building 7 at the property located at 71751 Charles Locks
Jessicaborough, NH 85718. This Mixed-Use facility consists of the specified area and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-09-07, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $87,540.95. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $87,540.95 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, Wallace Group is required to maintain, at minimum, a Commercial General Liability policy of $5,000,000. The certificate of insurance must name all parties as stipulated, including Walker Inc Inc.. Late payments of rent will accrue interest at a rate of 16.5% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 180 days' notice and involves a penalty structured as 9 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-2024-8620",
  "parties": {
    "lessor_details": {
      "name": "Walker Inc Inc.",
      "entity_type": "Limited Partnership",
      "address": "093 Terri Cove\nLake Tabithachester, GA 48263"
    },
    "lessee_details": {
      "name": "Wallace Group",
      "entity_type": "S-Corp",
      "address": "968 Garcia Course Suite 722\nNorth Vincent, FM 15699"
    }
  },
  "property_details": {
    "address": "71751 Charles Locks\nJessicaborough, NH 85718",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire unit 26B in Building 7"
  },
  "lease_terms": {
    "effective_date": "2024-06-30",
    "commencement_date": "2024-09-07",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value"
      },
      {
        "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": 180,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 87540.95,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (17.79%)",
        "estimated_monthly_amount_usd": 13131.14
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (20.59%)",
        "estimated_monthly_amount_usd": 8754.1
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 87540.95,
    "late_payment_interest_rate_percent": 16.5
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Texas",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Walker Inc Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Walker Inc Inc.",
        "Larson LLC Mortgage Corp."
      ]
    }
  ]
}