<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-2023-2578
Status: Under Review
Governing Jurisdiction: Montana

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Barajas PLC Ventures, and the Tenant, Cunningham Group. 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 2023-12-19.

The subject of this lease concerns the Partial floor 23B in Building 8 at the property located at Unit 1427 Box 5705
DPO AA 86083. This Industrial facility consists of approximately 46082 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-31, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $220,463.97. This figure is scheduled for an annual increase based on a 3.82% escalation rate. A security deposit of $440,927.94 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Cunningham Group 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 Barajas PLC Ventures. Late payments of rent will accrue interest at a rate of 5.4% 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 8 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-2023-2578",
  "parties": {
    "lessor_details": {
      "name": "Barajas PLC Ventures",
      "entity_type": "LLC",
      "address": "5001 Mills Point Suite 412\nMitchellview, WA 45105"
    },
    "lessee_details": {
      "name": "Cunningham Group",
      "entity_type": "S-Corp",
      "address": "914 Stacy Ports Suite 503\nHerrerachester, WA 68351"
    }
  },
  "property_details": {
    "address": "Unit 1427 Box 5705\nDPO AA 86083",
    "property_type": "Industrial",
    "lease_area_description": "Partial floor 23B in Building 8",
    "square_footage_sqft": 46082
  },
  "lease_terms": {
    "effective_date": "2023-12-19",
    "commencement_date": "2023-12-31",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "8 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 220463.97,
      "annual_escalation_rate_percent": 3.82,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (21.84%)",
        "estimated_monthly_amount_usd": 33069.6
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (10.75%)",
        "estimated_monthly_amount_usd": 22046.4
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 440927.94,
    "late_payment_interest_rate_percent": 5.4
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Montana",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Barajas PLC Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Barajas PLC Ventures",
        "Roach, Hawkins and Livingston Mortgage Corp."
      ]
    }
  ]
}