<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-2024-8508
Status: Executed
Governing Jurisdiction: Louisiana

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Williams, Stevens and Gonzales Holdings, and the Tenant, Humphrey, Ross and Johnson. 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 2024-05-30.

The subject of this lease concerns the Entire floor 39B in Building 3 at the property located at 2865 Megan Groves
New Justinhaven, AK 97555. This Mixed-Use facility consists of approximately 4035 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-08-26, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $8,560.92. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $8,560.92 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 90 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, Humphrey, Ross and Johnson 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 Williams, Stevens and Gonzales Holdings. Late payments of rent will accrue interest at a rate of 7.8% 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-2024-8508",
  "parties": {
    "lessor_details": {
      "name": "Williams, Stevens and Gonzales Holdings",
      "entity_type": "Corporation",
      "address": "84013 Black Creek\nAshleyside, LA 42996"
    },
    "lessee_details": {
      "name": "Humphrey, Ross and Johnson",
      "entity_type": "LLC",
      "address": "766 Carter Ports Apt. 646\nWest Kimberly, VA 91083"
    }
  },
  "property_details": {
    "address": "2865 Megan Groves\nNew Justinhaven, AK 97555",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire floor 39B in Building 3",
    "square_footage_sqft": 4035
  },
  "lease_terms": {
    "effective_date": "2024-05-30",
    "commencement_date": "2024-08-26",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 8560.92,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (22.26%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (10.51%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 8560.92,
    "late_payment_interest_rate_percent": 7.8
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Louisiana",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Williams, Stevens and Gonzales Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Williams, Stevens and Gonzales Holdings",
        "Figueroa-Washington Mortgage Corp."
      ]
    }
  ]
}