<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-2023-6015
Status: Executed
Governing Jurisdiction: Utah

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Owen, Chavez and Cook LLC, and the Tenant, Cook-Winters. 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 2023-10-31.

The subject of this lease concerns the Entire suite 39A in Building 10 at the property located at USNS Hughes
FPO AP 40465. This Warehouse facility consists of approximately 14010 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-03, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $39,928.50. This figure is scheduled for an annual increase based on a 2.09% escalation rate. A security deposit of $79,857.00 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, Cook-Winters 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 Owen, Chavez and Cook LLC. Late payments of rent will accrue interest at a rate of 18.0% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 180 days' notice and involves a penalty structured as 12 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-2023-6015",
  "parties": {
    "lessor_details": {
      "name": "Owen, Chavez and Cook LLC",
      "entity_type": "LLC",
      "address": "41217 Nicholas Street Apt. 144\nJeanettehaven, NY 05824"
    },
    "lessee_details": {
      "name": "Cook-Winters",
      "entity_type": "LLC",
      "address": "25923 Bell Trail\nMichelleburgh, ME 11287"
    }
  },
  "property_details": {
    "address": "USNS Hughes\nFPO AP 40465",
    "property_type": "Warehouse",
    "lease_area_description": "Entire suite 39A in Building 10",
    "square_footage_sqft": 14010
  },
  "lease_terms": {
    "effective_date": "2023-10-31",
    "commencement_date": "2024-01-03",
    "initial_term_months": 36,
    "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": 60,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 39928.5,
      "annual_escalation_rate_percent": 2.09,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (14.51%)",
        "estimated_monthly_amount_usd": 5989.28
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (8.43%)",
        "estimated_monthly_amount_usd": 3992.85
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 79857.0,
    "late_payment_interest_rate_percent": 18.0
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Utah",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Owen, Chavez and Cook LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Owen, Chavez and Cook LLC",
        "Young LLC Mortgage Corp."
      ]
    }
  ]
}