<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-2024-8159
Status: Amended
Governing Jurisdiction: Michigan

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Fernandez LLC Holdings, and the Tenant, Garcia LLC. 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 2024-07-24.

The subject of this lease concerns the Partial unit 13 in Building 10 at the property located at 68062 Heather Stream
Lake Jorgechester, NY 48303. This Office facility consists of approximately 2502 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-10-16, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $9,472.15. This figure is scheduled for an annual increase based on a 3.08% escalation rate. A security deposit of $9,472.15 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 180 days' prior notice. During any such renewal, the rent will be adjusted according to Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Garcia LLC 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 Fernandez LLC Holdings. Late payments of rent will accrue interest at a rate of 7.7% 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-2024-8159",
  "parties": {
    "lessor_details": {
      "name": "Fernandez LLC Holdings",
      "entity_type": "Limited Partnership",
      "address": "242 Hudson Viaduct Suite 625\nWardstad, IN 48970"
    },
    "lessee_details": {
      "name": "Garcia LLC",
      "entity_type": "S-Corp",
      "address": "8188 Flores Valleys Suite 266\nFordshire, WY 13400"
    }
  },
  "property_details": {
    "address": "68062 Heather Stream\nLake Jorgechester, NY 48303",
    "property_type": "Office",
    "lease_area_description": "Partial unit 13 in Building 10",
    "square_footage_sqft": 2502
  },
  "lease_terms": {
    "effective_date": "2024-07-24",
    "commencement_date": "2024-10-16",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 180
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 9472.15,
      "annual_escalation_rate_percent": 3.08,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (5.36%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (18.78%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 9472.15,
    "late_payment_interest_rate_percent": 7.7
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Michigan",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Fernandez LLC Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Fernandez LLC Holdings",
        "Phillips Inc Mortgage Corp."
      ]
    }
  ]
}