<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-2024-1278
Status: Draft
Governing Jurisdiction: Arizona

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Poole PLC Properties, and the Tenant, Martinez-Adams. 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 2024-07-23.

The subject of this lease concerns the Entire suite 45A in Building 4 at the property located at 59243 Gregory Spring Apt. 089
Tinamouth, TN 50213. This Retail facility consists of approximately 15061 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-10-11, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $39,899.10. This figure is scheduled for an annual increase based on a 3.6% escalation rate. A security deposit of $79,798.20 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 180 days' prior notice. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Martinez-Adams is required to maintain, at minimum, a Commercial General Liability policy of $5,000,000. The certificate of insurance must name all parties as stipulated, including Poole PLC Properties. Late payments of rent will accrue interest at a rate of 15.7% 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-2024-1278",
  "parties": {
    "lessor_details": {
      "name": "Poole PLC Properties",
      "entity_type": "Limited Partnership",
      "address": "00526 Turner Ramp Apt. 633\nRhodesfurt, MP 77189"
    },
    "lessee_details": {
      "name": "Martinez-Adams",
      "entity_type": "LLC",
      "address": "04103 Kenneth Freeway\nSouth Sherry, ND 59343"
    }
  },
  "property_details": {
    "address": "59243 Gregory Spring Apt. 089\nTinamouth, TN 50213",
    "property_type": "Retail",
    "lease_area_description": "Entire suite 45A in Building 4",
    "square_footage_sqft": 15061
  },
  "lease_terms": {
    "effective_date": "2024-07-23",
    "commencement_date": "2024-10-11",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 180
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 39899.1,
      "annual_escalation_rate_percent": 3.6,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (23.33%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (19.01%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 79798.2,
    "late_payment_interest_rate_percent": 15.7
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Arizona",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Poole PLC Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Poole PLC Properties",
        "Hunter LLC Mortgage Corp."
      ]
    }
  ]
}