<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-2024-8745
Status: Under Review
Governing Jurisdiction: Georgia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Trevino-Woods Holdings, and the Tenant, Mitchell, Nelson and Hernandez. 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 2024-06-03.

The subject of this lease concerns the Entire suite 22A in Building 1 at the property located at 6871 Adam Square Apt. 471
Lake Summerton, MO 56183. This Retail facility consists of the specified area and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-06-25, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $3,589.43. This figure is scheduled for an annual increase based on a 2.89% escalation rate. A security deposit of $3,589.43 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 270 days' prior notice. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Mitchell, Nelson and Hernandez 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 Trevino-Woods Holdings. Late payments of rent will accrue interest at a rate of 8.5% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 60 days' notice and involves a penalty structured as 6 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-2024-8745",
  "parties": {
    "lessor_details": {
      "name": "Trevino-Woods Holdings",
      "entity_type": "Limited Partnership",
      "address": "USNV Brown\nFPO AP 72735"
    },
    "lessee_details": {
      "name": "Mitchell, Nelson and Hernandez",
      "entity_type": "LLC",
      "address": "5649 Jodi Avenue\nPort Melissa, IN 37225"
    }
  },
  "property_details": {
    "address": "6871 Adam Square Apt. 471\nLake Summerton, MO 56183",
    "property_type": "Retail",
    "lease_area_description": "Entire suite 22A in Building 1"
  },
  "lease_terms": {
    "effective_date": "2024-06-03",
    "commencement_date": "2024-06-25",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "6 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 3589.43,
      "annual_escalation_rate_percent": 2.89,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (22.49%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (18.11%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 3589.43,
    "late_payment_interest_rate_percent": 8.5
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Georgia",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Trevino-Woods Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Trevino-Woods Holdings",
        "Bates PLC Mortgage Corp."
      ]
    }
  ]
}