<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-2024-5353
Status: Draft
Governing Jurisdiction: Vermont

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Washington-Davila Holdings, and the Tenant, Figueroa and Sons. 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 2024-03-03.

The subject of this lease concerns the Entire suite 12B in Building 3 at the property located at 08473 Kent Lakes Suite 840
North Michael, CA 52177. This Retail facility consists of approximately 26858 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-31, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $39,996.04. This figure is scheduled for an annual increase based on a 3.29% escalation rate. A security deposit of $39,996.04 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 90 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, Figueroa and Sons 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 Washington-Davila Holdings. Late payments of rent will accrue interest at a rate of 17.3% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 180 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-2024-5353",
  "parties": {
    "lessor_details": {
      "name": "Washington-Davila Holdings",
      "entity_type": "LLC",
      "address": "998 Guy Summit Suite 819\nNorth Stevenport, FL 88317"
    },
    "lessee_details": {
      "name": "Figueroa and Sons",
      "entity_type": "Corporation"
    }
  },
  "property_details": {
    "address": "08473 Kent Lakes Suite 840\nNorth Michael, CA 52177",
    "property_type": "Retail",
    "lease_area_description": "Entire suite 12B in Building 3",
    "square_footage_sqft": 26858
  },
  "lease_terms": {
    "effective_date": "2024-03-03",
    "commencement_date": "2024-05-31",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 39996.04,
      "annual_escalation_rate_percent": 3.29,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (22.08%)",
        "estimated_monthly_amount_usd": 5999.41
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (17.61%)",
        "estimated_monthly_amount_usd": 3999.6
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 39996.04,
    "late_payment_interest_rate_percent": 17.3
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Vermont",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Washington-Davila Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Washington-Davila Holdings",
        "Hawkins LLC Mortgage Corp."
      ]
    }
  ]
}