<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-2024-5683
Status: Amended
Governing Jurisdiction: Oklahoma

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Ray-Ford Inc., and the Tenant, Alexander-Castillo. 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 2024-02-18.

The subject of this lease concerns the Partial floor 30 in Building 3 at the property located at 26479 Stewart Springs Apt. 988
New Paulmouth, NC 47951. This Mixed-Use facility consists of the specified area and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-04-27, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $193,778.42. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $387,556.84 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 180 days' prior notice. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Alexander-Castillo 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 Ray-Ford Inc.. Late payments of rent will accrue interest at a rate of 7.5% 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-2024-5683",
  "parties": {
    "lessor_details": {
      "name": "Ray-Ford Inc.",
      "entity_type": "Limited Partnership",
      "address": "8395 Aaron Extension\nKathystad, MT 51860"
    },
    "lessee_details": {
      "name": "Alexander-Castillo",
      "entity_type": "LLC",
      "address": "43223 Anderson Ridge Apt. 506\nNew Tiffanyland, AL 35113"
    }
  },
  "property_details": {
    "address": "26479 Stewart Springs Apt. 988\nNew Paulmouth, NC 47951",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial floor 30 in Building 3"
  },
  "lease_terms": {
    "effective_date": "2024-02-18",
    "commencement_date": "2024-04-27",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 180
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 193778.42,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (19.62%)",
        "estimated_monthly_amount_usd": 29066.76
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (13.35%)",
        "estimated_monthly_amount_usd": 19377.84
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 387556.84,
    "late_payment_interest_rate_percent": 7.5
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Oklahoma",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Ray-Ford Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Ray-Ford Inc.",
        "Fernandez, Ortiz and Yates Mortgage Corp."
      ]
    }
  ]
}