<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-2024-3707
Status: Under Review
Governing Jurisdiction: Wisconsin

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Nelson-Wilkerson Holdings, and the Tenant, Cohen-Ramirez. 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 2024-05-02.

The subject of this lease concerns the Partial suite 24 in Building 4 at the property located at 603 Brittany Island Apt. 660
Robertshire, MO 97883. This Warehouse facility consists of approximately 9129 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-06-27, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $45,645.00. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $45,645.00 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 CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Cohen-Ramirez 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 Nelson-Wilkerson Holdings. Late payments of rent will accrue interest at a rate of 6.0% per annum. 

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-2024-3707",
  "parties": {
    "lessor_details": {
      "name": "Nelson-Wilkerson Holdings",
      "entity_type": "Limited Partnership",
      "address": "PSC 1439, Box 3766\nAPO AE 12388"
    },
    "lessee_details": {
      "name": "Cohen-Ramirez",
      "entity_type": "S-Corp",
      "address": "9820 Matthew River\nLake Ashleyfort, MT 34670"
    }
  },
  "property_details": {
    "address": "603 Brittany Island Apt. 660\nRobertshire, MO 97883",
    "property_type": "Warehouse",
    "lease_area_description": "Partial suite 24 in Building 4",
    "square_footage_sqft": 9129
  },
  "lease_terms": {
    "effective_date": "2024-05-02",
    "commencement_date": "2024-06-27",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 45645.0,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (9.23%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (21.07%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 45645.0,
    "late_payment_interest_rate_percent": 6.0
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Wisconsin",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Nelson-Wilkerson Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Nelson-Wilkerson Holdings",
        "Martinez and Sons Mortgage Corp."
      ]
    }
  ]
}