<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-2023-7953
Status: Executed
Governing Jurisdiction: Oklahoma

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Lopez Group LLC, and the Tenant, Peters-Burton. 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 2023-09-29.

The subject of this lease concerns the Partial floor 16A in Building 2 at the property located at 4072 Christopher Loop Suite 971
Martinfurt, MP 90924. This Warehouse facility consists of approximately 18543 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-02, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $85,761.38. This figure is scheduled for an annual increase based on a 3.77% escalation rate. A security deposit of $171,522.76 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Peters-Burton is required to maintain, at minimum, a Commercial General Liability policy of $1,000,000. The certificate of insurance must name all parties as stipulated, including Lopez Group LLC. Late payments of rent will accrue interest at a rate of 8.4% 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-2023-7953",
  "parties": {
    "lessor_details": {
      "name": "Lopez Group LLC",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Peters-Burton",
      "entity_type": "Corporation",
      "address": "6757 Ruiz Cape\nJuareztown, VI 30534"
    }
  },
  "property_details": {
    "address": "4072 Christopher Loop Suite 971\nMartinfurt, MP 90924",
    "property_type": "Warehouse",
    "lease_area_description": "Partial floor 16A in Building 2",
    "square_footage_sqft": 18543
  },
  "lease_terms": {
    "effective_date": "2023-09-29",
    "commencement_date": "2023-12-02",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 85761.38,
      "annual_escalation_rate_percent": 3.77,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (25.0%)",
        "estimated_monthly_amount_usd": 12864.21
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (21.12%)",
        "estimated_monthly_amount_usd": 8576.14
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 171522.76,
    "late_payment_interest_rate_percent": 8.4
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Oklahoma",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Lopez Group LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Lopez Group LLC",
        "Salazar-Kelly Mortgage Corp."
      ]
    }
  ]
}