<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-2024-4410
Status: Under Review
Governing Jurisdiction: New Hampshire

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Sloan, Ross and Pena Holdings, and the Tenant, Stewart-Davis. 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 2024-01-05.

The subject of this lease concerns the Partial suite 45B in Building 2 at the property located at 5826 Murphy Pine
Smithchester, VT 88231. This Warehouse facility consists of approximately 22193 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-09, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $107,358.64. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $214,717.28 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 180 days' prior notice. 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, Stewart-Davis 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 Sloan, Ross and Pena Holdings. Late payments of rent will accrue interest at a rate of 15.2% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 90 days' notice and involves a penalty structured as 12 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-2024-4410",
  "parties": {
    "lessor_details": {
      "name": "Sloan, Ross and Pena Holdings",
      "entity_type": "Corporation",
      "address": "98203 Micheal Via\nLoganchester, MN 23733"
    },
    "lessee_details": {
      "name": "Stewart-Davis",
      "entity_type": "Corporation",
      "address": "929 Jones Loop Suite 617\nWest Jonathanhaven, FM 77541"
    }
  },
  "property_details": {
    "address": "5826 Murphy Pine\nSmithchester, VT 88231",
    "property_type": "Warehouse",
    "lease_area_description": "Partial suite 45B in Building 2",
    "square_footage_sqft": 22193
  },
  "lease_terms": {
    "effective_date": "2024-01-05",
    "commencement_date": "2024-03-09",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 180
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 107358.64,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (22.37%)",
        "estimated_monthly_amount_usd": 16103.8
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (21.28%)",
        "estimated_monthly_amount_usd": 10735.86
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 214717.28,
    "late_payment_interest_rate_percent": 15.2
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "New Hampshire",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Sloan, Ross and Pena Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Sloan, Ross and Pena Holdings",
        "Scott-Roberts Mortgage Corp."
      ]
    }
  ]
}