<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-2024-8973
Status: Amended
Governing Jurisdiction: Ohio

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Herman and Sons Ventures, and the Tenant, Greene-Garza. 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 2024-03-02.

The subject of this lease concerns the Partial suite 46 in Building 8 at the property located at 006 Sarah Ferry
North Melissa, NM 26674. This Industrial facility consists of approximately 16286 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-03, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $42,560.75. This figure is scheduled for an annual increase based on a 1.63% escalation rate. A security deposit of $85,121.50 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 90 days' prior notice. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Greene-Garza 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 Herman and Sons Ventures. Late payments of rent will accrue interest at a rate of 14.7% per annum. Note the existence of a Tenant Early Termination Option 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-2024-8973",
  "parties": {
    "lessor_details": {
      "name": "Herman and Sons Ventures",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Greene-Garza",
      "entity_type": "LLC",
      "address": "27638 Olson Route Apt. 132\nSanchezmouth, VI 38913"
    }
  },
  "property_details": {
    "address": "006 Sarah Ferry\nNorth Melissa, NM 26674",
    "property_type": "Industrial",
    "lease_area_description": "Partial suite 46 in Building 8",
    "square_footage_sqft": 16286
  },
  "lease_terms": {
    "effective_date": "2024-03-02",
    "commencement_date": "2024-03-03",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 42560.75,
      "annual_escalation_rate_percent": 1.63,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (25.0%)",
        "estimated_monthly_amount_usd": 6384.11
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (22.61%)",
        "estimated_monthly_amount_usd": 4256.08
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 85121.5,
    "late_payment_interest_rate_percent": 14.7
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Ohio",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Herman and Sons Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Herman and Sons Ventures",
        "Todd, Stephens and Rivera Mortgage Corp."
      ]
    }
  ]
}