<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-2024-7811
Status: Under Review
Governing Jurisdiction: West Virginia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Garrison, Davis and Martin Ventures, and the Tenant, Hurst, Fisher and Martinez. 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 2024-05-09.

The subject of this lease concerns the Entire floor 24A in Building 9 at the property located at 024 Williams Unions Suite 320
West Amy, KY 60252. This Retail facility consists of approximately 47430 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-17, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $122,329.88. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $244,659.76 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, Hurst, Fisher and Martinez 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 Garrison, Davis and Martin Ventures. Late payments of rent will accrue interest at a rate of 12.7% 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-2024-7811",
  "parties": {
    "lessor_details": {
      "name": "Garrison, Davis and Martin Ventures",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Hurst, Fisher and Martinez",
      "entity_type": "S-Corp",
      "address": "Unit 0253 Box 8940\nDPO AE 66131"
    }
  },
  "property_details": {
    "address": "024 Williams Unions Suite 320\nWest Amy, KY 60252",
    "property_type": "Retail",
    "lease_area_description": "Entire floor 24A in Building 9",
    "square_footage_sqft": 47430
  },
  "lease_terms": {
    "effective_date": "2024-05-09",
    "commencement_date": "2024-05-17",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 122329.88,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (10.38%)",
        "estimated_monthly_amount_usd": 18349.48
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (14.62%)",
        "estimated_monthly_amount_usd": 12232.99
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 244659.76,
    "late_payment_interest_rate_percent": 12.7
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "West Virginia",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Garrison, Davis and Martin Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Garrison, Davis and Martin Ventures",
        "Herrera-Rosales Mortgage Corp."
      ]
    }
  ]
}