<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-2024-9445
Status: Draft
Governing Jurisdiction: Vermont

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Fry, Cummings and Gibson Holdings, and the Tenant, Cantu, Adams and Chavez. 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 2024-02-21.

The subject of this lease concerns the Entire floor 26B in Building 2 at the property located at 42757 Meagan Rapids Apt. 896
East Leslie, PA 76714. This Warehouse facility consists of approximately 26414 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-04-21, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $117,058.04. This figure is scheduled for an annual increase based on a 2.75% escalation rate. A security deposit of $117,058.04 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 Fair Market Value. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Cantu, Adams and Chavez 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 Fry, Cummings and Gibson Holdings. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 180 days' notice and involves a penalty structured as 4 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-2024-9445",
  "parties": {
    "lessor_details": {
      "name": "Fry, Cummings and Gibson Holdings",
      "entity_type": "Corporation",
      "address": "0539 Patrick Hills\nCruzmouth, HI 10170"
    },
    "lessee_details": {
      "name": "Cantu, Adams and Chavez",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "42757 Meagan Rapids Apt. 896\nEast Leslie, PA 76714",
    "property_type": "Warehouse",
    "lease_area_description": "Entire floor 26B in Building 2",
    "square_footage_sqft": 26414
  },
  "lease_terms": {
    "effective_date": "2024-02-21",
    "commencement_date": "2024-04-21",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value"
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "4 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "6 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 117058.04,
      "annual_escalation_rate_percent": 2.75,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (13.42%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (19.06%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 117058.04
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Vermont",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Fry, Cummings and Gibson Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Fry, Cummings and Gibson Holdings",
        "Ruiz, Farley and Edwards Mortgage Corp."
      ]
    }
  ]
}