<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-2024-6902
Status: Draft
Governing Jurisdiction: Hawaii

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Chen, Foster and Garcia Ventures, and the Tenant, Burke, Munoz and Valencia. 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 2024-03-10.

The subject of this lease concerns the Entire unit 4B in Building 6 at the property located at 8259 Leah Haven Apt. 502
East Kayla, MN 54783. This Mixed-Use facility consists of approximately 20618 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-04-20, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $88,451.22. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $88,451.22 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 requires Landlord's explicit consent.

Per section 10.1, Burke, Munoz and Valencia is required to maintain, at minimum, a Commercial General Liability policy of $2,000,000. The certificate of insurance must name all parties as stipulated, including Chen, Foster and Garcia Ventures. Late payments of rent will accrue interest at a rate of 13.7% 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-2024-6902",
  "parties": {
    "lessor_details": {
      "name": "Chen, Foster and Garcia Ventures",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Burke, Munoz and Valencia",
      "entity_type": "Corporation"
    }
  },
  "property_details": {
    "address": "8259 Leah Haven Apt. 502\nEast Kayla, MN 54783",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire unit 4B in Building 6",
    "square_footage_sqft": 20618
  },
  "lease_terms": {
    "effective_date": "2024-03-10",
    "commencement_date": "2024-04-20",
    "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": 270
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 88451.22,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (6.69%)",
        "estimated_monthly_amount_usd": 13267.68
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (15.97%)",
        "estimated_monthly_amount_usd": 8845.12
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 88451.22,
    "late_payment_interest_rate_percent": 13.7
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Hawaii",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Chen, Foster and Garcia Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Chen, Foster and Garcia Ventures",
        "Ramsey, Hardy and Thompson Mortgage Corp."
      ]
    }
  ]
}