<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-2024-5901
Status: Amended
Governing Jurisdiction: Alabama

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Jones LLC Ventures, and the Tenant, Martinez, Flores and Alexander. 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 2024-04-14.

The subject of this lease concerns the Partial suite 2B in Building 8 at the property located at Unit 4812 Box 0279
DPO AE 74982. This Retail facility consists of approximately 35880 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-25, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $153,117.90. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $306,235.80 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 365 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, Martinez, Flores and Alexander 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 Jones LLC Ventures. Late payments of rent will accrue interest at a rate of 8.0% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 180 days' notice and involves a penalty structured as 7 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-2024-5901",
  "parties": {
    "lessor_details": {
      "name": "Jones LLC Ventures",
      "entity_type": "LLC",
      "address": "034 Matthew Vista Apt. 048\nMichaelmouth, GA 92775"
    },
    "lessee_details": {
      "name": "Martinez, Flores and Alexander",
      "entity_type": "Corporation"
    }
  },
  "property_details": {
    "address": "Unit 4812 Box 0279\nDPO AE 74982",
    "property_type": "Retail",
    "lease_area_description": "Partial suite 2B in Building 8",
    "square_footage_sqft": 35880
  },
  "lease_terms": {
    "effective_date": "2024-04-14",
    "commencement_date": "2024-05-25",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 365
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 153117.9,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (18.83%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (5.60%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 306235.8,
    "late_payment_interest_rate_percent": 8.0
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Alabama",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Jones LLC Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Jones LLC Ventures",
        "Mendoza Ltd Mortgage Corp."
      ]
    }
  ]
}