<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-2023-5575
Status: Executed
Governing Jurisdiction: Vermont

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Meza Ltd Properties, and the Tenant, Wilson-Phillips. 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 2023-12-10.

The subject of this lease concerns the Entire floor 14B in Building 1 at the property located at 4472 Powell Track Apt. 631
Lake Katelynside, HI 98414. This Warehouse facility consists of approximately 14716 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-02-16, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $70,882.07. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $141,764.14 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 365 days' prior notice. During any such renewal, the rent will be adjusted according to Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Wilson-Phillips 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 Meza Ltd Properties. Late payments of rent will accrue interest at a rate of 11.5% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 60 days' notice and involves a penalty structured as 5 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-2023-5575",
  "parties": {
    "lessor_details": {
      "name": "Meza Ltd Properties",
      "entity_type": "Limited Partnership",
      "address": "79575 Torres Keys Suite 031\nPort Krista, RI 94919"
    },
    "lessee_details": {
      "name": "Wilson-Phillips",
      "entity_type": "S-Corp",
      "address": "73895 Hernandez Highway Suite 579\nNorth Michael, GA 80298"
    }
  },
  "property_details": {
    "address": "4472 Powell Track Apt. 631\nLake Katelynside, HI 98414",
    "property_type": "Warehouse",
    "lease_area_description": "Entire floor 14B in Building 1",
    "square_footage_sqft": 14716
  },
  "lease_terms": {
    "effective_date": "2023-12-10",
    "commencement_date": "2024-02-16",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 70882.07,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (6.42%)",
        "estimated_monthly_amount_usd": 10632.31
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (11.62%)",
        "estimated_monthly_amount_usd": 7088.21
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 141764.14,
    "late_payment_interest_rate_percent": 11.5
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Vermont",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Meza Ltd Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Meza Ltd Properties",
        "Patterson, Walker and Taylor Mortgage Corp."
      ]
    }
  ]
}