<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-2024-3775
Status: Draft
Governing Jurisdiction: Kentucky

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Wolfe-Sandoval LLC, and the Tenant, Wagner-Smith. 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 2024-04-13.

The subject of this lease concerns the Entire suite 35B in Building 6 at the property located at 94771 Lozano Fort Suite 105
Christinaville, GA 12206. This Retail 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 2024-06-05, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $22,036.90. This figure is scheduled for an annual increase based on a 2.32% escalation rate. A security deposit of $44,073.80 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Wagner-Smith 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 Wolfe-Sandoval LLC. Late payments of rent will accrue interest at a rate of 11.2% 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 11 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-2024-3775",
  "parties": {
    "lessor_details": {
      "name": "Wolfe-Sandoval LLC",
      "entity_type": "Limited Partnership",
      "address": "0886 Hernandez Centers\nAndrewborough, KY 43057"
    },
    "lessee_details": {
      "name": "Wagner-Smith",
      "entity_type": "Corporation",
      "address": "2943 Gonzales Branch\nChungshire, MA 85819"
    }
  },
  "property_details": {
    "address": "94771 Lozano Fort Suite 105\nChristinaville, GA 12206",
    "property_type": "Retail",
    "lease_area_description": "Entire suite 35B in Building 6"
  },
  "lease_terms": {
    "effective_date": "2024-04-13",
    "commencement_date": "2024-06-05",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 22036.9,
      "annual_escalation_rate_percent": 2.32,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (14.30%)",
        "estimated_monthly_amount_usd": 3305.54
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (18.62%)",
        "estimated_monthly_amount_usd": 2203.69
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 44073.8,
    "late_payment_interest_rate_percent": 11.2
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Kentucky",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Wolfe-Sandoval LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Wolfe-Sandoval LLC",
        "Hernandez Inc Mortgage Corp."
      ]
    }
  ]
}