<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-2023-9234
Status: Executed
Governing Jurisdiction: Florida

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Miller-Jensen Properties, and the Tenant, Castillo, Garcia and Freeman. 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 2023-09-16.

The subject of this lease concerns the Entire unit 9A in Building 5 at the property located at 79531 Jones Loop Apt. 562
South Stephanie, KS 67696. This Retail facility consists of approximately 18927 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-08, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $39,147.35. This figure is scheduled for an annual increase based on a 1.63% escalation rate. A security deposit of $78,294.70 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 90 days' prior notice. 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, Castillo, Garcia and Freeman 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 Miller-Jensen Properties. Late payments of rent will accrue interest at a rate of 5.3% 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-2023-9234",
  "parties": {
    "lessor_details": {
      "name": "Miller-Jensen Properties",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Castillo, Garcia and Freeman",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "79531 Jones Loop Apt. 562\nSouth Stephanie, KS 67696",
    "property_type": "Retail",
    "lease_area_description": "Entire unit 9A in Building 5",
    "square_footage_sqft": 18927
  },
  "lease_terms": {
    "effective_date": "2023-09-16",
    "commencement_date": "2023-12-08",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 39147.35,
      "annual_escalation_rate_percent": 1.63,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (10.87%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (20.12%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 78294.7,
    "late_payment_interest_rate_percent": 5.3
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Florida",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Miller-Jensen Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Miller-Jensen Properties",
        "Martin, Rice and Schmidt Mortgage Corp."
      ]
    }
  ]
}