<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-2023-9048
Status: Amended
Governing Jurisdiction: Delaware

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Green, Lewis and Miller LLC, and the Tenant, Lutz LLC. 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 2023-11-05.

The subject of this lease concerns the Entire floor 33 in Building 5 at the property located at 6947 Simmons Tunnel Apt. 974
Port Lance, NE 29779. This Warehouse facility consists of approximately 22359 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-13, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $74,455.47. This figure is scheduled for an annual increase based on a 3.7% escalation rate. A security deposit of $148,910.94 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 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, Lutz LLC 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 Green, Lewis and Miller LLC. Late payments of rent will accrue interest at a rate of 12.4% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 180 days' notice and involves a penalty structured as 9 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-2023-9048",
  "parties": {
    "lessor_details": {
      "name": "Green, Lewis and Miller LLC",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Lutz LLC",
      "entity_type": "S-Corp",
      "address": "68059 Kim Ville Suite 247\nPort Johnside, CO 68538"
    }
  },
  "property_details": {
    "address": "6947 Simmons Tunnel Apt. 974\nPort Lance, NE 29779",
    "property_type": "Warehouse",
    "lease_area_description": "Entire floor 33 in Building 5",
    "square_footage_sqft": 22359
  },
  "lease_terms": {
    "effective_date": "2023-11-05",
    "commencement_date": "2023-12-13",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value"
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 74455.47,
      "annual_escalation_rate_percent": 3.7,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (18.95%)",
        "estimated_monthly_amount_usd": 11168.32
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (8.69%)",
        "estimated_monthly_amount_usd": 7445.55
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 148910.94,
    "late_payment_interest_rate_percent": 12.4
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Delaware",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Green, Lewis and Miller LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Green, Lewis and Miller LLC",
        "Figueroa Group Mortgage Corp."
      ]
    }
  ]
}