<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-2024-8497
Status: Amended
Governing Jurisdiction: Pennsylvania

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Valenzuela, Alvarado and Blackwell Properties, and the Tenant, Thomas Ltd. 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 2024-02-23.

The subject of this lease concerns the Entire floor 42B in Building 9 at the property located at Unit 8444 Box 2697
DPO AA 29067. This Industrial facility consists of approximately 6640 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-04-25, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $23,234.47. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $23,234.47 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months. During any such renewal, the rent will be adjusted according to CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Thomas Ltd is required to maintain, at minimum, a Commercial General Liability policy of $5,000,000. The certificate of insurance must name all parties as stipulated, including Valenzuela, Alvarado and Blackwell Properties. Late payments of rent will accrue interest at a rate of 7.7% 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 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-2024-8497",
  "parties": {
    "lessor_details": {
      "name": "Valenzuela, Alvarado and Blackwell Properties",
      "entity_type": "Limited Partnership",
      "address": "9787 Sheri Turnpike\nAndersonland, KS 89259"
    },
    "lessee_details": {
      "name": "Thomas Ltd",
      "entity_type": "LLC",
      "address": "362 Acosta Views Apt. 362\nFieldsmouth, AS 49011"
    }
  },
  "property_details": {
    "address": "Unit 8444 Box 2697\nDPO AA 29067",
    "property_type": "Industrial",
    "lease_area_description": "Entire floor 42B in Building 9",
    "square_footage_sqft": 6640
  },
  "lease_terms": {
    "effective_date": "2024-02-23",
    "commencement_date": "2024-04-25",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 23234.47,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (15.98%)",
        "estimated_monthly_amount_usd": 3485.17
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (18.95%)",
        "estimated_monthly_amount_usd": 2323.45
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 23234.47,
    "late_payment_interest_rate_percent": 7.7
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Pennsylvania",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Valenzuela, Alvarado and Blackwell Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Valenzuela, Alvarado and Blackwell Properties",
        "Jones-Lee Mortgage Corp."
      ]
    }
  ]
}