<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-2024-8613
Status: Draft
Governing Jurisdiction: New Hampshire

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Watson LLC Ventures, and the Tenant, Johnson, Velazquez and Molina. 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 2024-03-04.

The subject of this lease concerns the Partial suite 7 in Building 3 at the property located at 985 Chavez Lakes Suite 042
New Cole, MA 81500. This Industrial facility consists of approximately 15545 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-16, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $36,414.16. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $72,828.32 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 Fair Market Value. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Johnson, Velazquez and Molina 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 Watson LLC Ventures. Note the existence of a Co-tenancy Failure clause, which can be triggered with 90 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-2024-8613",
  "parties": {
    "lessor_details": {
      "name": "Watson LLC Ventures",
      "entity_type": "LLC",
      "address": "932 Jeffrey Dale\nShannonmouth, FM 04050"
    },
    "lessee_details": {
      "name": "Johnson, Velazquez and Molina",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "985 Chavez Lakes Suite 042\nNew Cole, MA 81500",
    "property_type": "Industrial",
    "lease_area_description": "Partial suite 7 in Building 3",
    "square_footage_sqft": 15545
  },
  "lease_terms": {
    "effective_date": "2024-03-04",
    "commencement_date": "2024-05-16",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value"
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 36414.16,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (10.03%)",
        "estimated_monthly_amount_usd": 5462.12
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (7.71%)",
        "estimated_monthly_amount_usd": 3641.42
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 72828.32
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "New Hampshire",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Watson LLC Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Watson LLC Ventures",
        "Farley PLC Mortgage Corp."
      ]
    }
  ]
}