<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-2023-4921
Status: Amended
Governing Jurisdiction: Maryland

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Castro and Sons Ventures, and the Tenant, Davidson-Davis. 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 2023-08-30.

The subject of this lease concerns the Entire unit 28B in Building 1 at the property located at 93777 Shepherd Vista
Jenniferfurt, MT 68579. This Mixed-Use facility consists of the specified area and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2023-10-20, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $128,494.17. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $256,988.34 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 270 days' prior notice. 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, Davidson-Davis 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 Castro and Sons Ventures. Late payments of rent will accrue interest at a rate of 11.0% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 90 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-2023-4921",
  "parties": {
    "lessor_details": {
      "name": "Castro and Sons Ventures",
      "entity_type": "LLC",
      "address": "8000 Tracy Isle Apt. 678\nNorth Caroline, AK 58851"
    },
    "lessee_details": {
      "name": "Davidson-Davis",
      "entity_type": "S-Corp",
      "address": "51874 Moore Mission\nSouth Grace, LA 01246"
    }
  },
  "property_details": {
    "address": "93777 Shepherd Vista\nJenniferfurt, MT 68579",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire unit 28B in Building 1"
  },
  "lease_terms": {
    "effective_date": "2023-08-30",
    "commencement_date": "2023-10-20",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 128494.17,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (14.72%)",
        "estimated_monthly_amount_usd": 19274.13
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (13.89%)",
        "estimated_monthly_amount_usd": 12849.42
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 256988.34,
    "late_payment_interest_rate_percent": 11.0
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Maryland",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Castro and Sons Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Castro and Sons Ventures",
        "Velez, Wood and White Mortgage Corp."
      ]
    }
  ]
}