<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-2024-4836
Status: Executed
Governing Jurisdiction: Connecticut

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Davis PLC Holdings, and the Tenant, Walker-Levine. 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 2024-02-04.

The subject of this lease concerns the Entire suite 42 in Building 5 at the property located at 03335 Patrick Springs Suite 684
Ralphside, VI 14883. This Warehouse facility consists of approximately 32897 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-19, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $130,820.40. This figure is scheduled for an annual increase based on a 3.61% escalation rate. A security deposit of $130,820.40 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 270 days' prior notice. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Walker-Levine 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 PLC Holdings. Late payments of rent will accrue interest at a rate of 15.3% 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 10 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-2024-4836",
  "parties": {
    "lessor_details": {
      "name": "Davis PLC Holdings",
      "entity_type": "Limited Partnership",
      "address": "939 Perez Spurs Apt. 251\nNorth Rachel, AK 12176"
    },
    "lessee_details": {
      "name": "Walker-Levine",
      "entity_type": "S-Corp",
      "address": "4242 Harrington Point Suite 993\nLake Jenniferview, VI 75229"
    }
  },
  "property_details": {
    "address": "03335 Patrick Springs Suite 684\nRalphside, VI 14883",
    "property_type": "Warehouse",
    "lease_area_description": "Entire suite 42 in Building 5",
    "square_footage_sqft": 32897
  },
  "lease_terms": {
    "effective_date": "2024-02-04",
    "commencement_date": "2024-03-19",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 130820.4,
      "annual_escalation_rate_percent": 3.61,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (24.56%)",
        "estimated_monthly_amount_usd": 19623.06
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (19.10%)",
        "estimated_monthly_amount_usd": 13082.04
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 130820.4,
    "late_payment_interest_rate_percent": 15.3
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Connecticut",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Davis PLC Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Davis PLC Holdings",
        "Mcintyre, Rogers and Valdez Mortgage Corp."
      ]
    }
  ]
}