<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-2024-5505
Status: Executed
Governing Jurisdiction: Illinois

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Le-Ryan LLC, and the Tenant, Vega, Villanueva and Hatfield. 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 2024-05-21.

The subject of this lease concerns the Entire unit 50A in Building 1 at the property located at 854 Armstrong Radial Suite 307
East Amy, MI 83779. This Industrial facility consists of approximately 34791 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-07-30, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $142,034.26. This figure is scheduled for an annual increase based on a 3.03% escalation rate. A security deposit of $284,068.52 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 365 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, Vega, Villanueva and Hatfield 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 Le-Ryan LLC. Late payments of rent will accrue interest at a rate of 13.0% 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-2024-5505",
  "parties": {
    "lessor_details": {
      "name": "Le-Ryan LLC",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Vega, Villanueva and Hatfield",
      "entity_type": "S-Corp",
      "address": "002 Campos Key\nNew Leslie, MN 72872"
    }
  },
  "property_details": {
    "address": "854 Armstrong Radial Suite 307\nEast Amy, MI 83779",
    "property_type": "Industrial",
    "lease_area_description": "Entire unit 50A in Building 1",
    "square_footage_sqft": 34791
  },
  "lease_terms": {
    "effective_date": "2024-05-21",
    "commencement_date": "2024-07-30",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 365
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 142034.26,
      "annual_escalation_rate_percent": 3.03,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (18.32%)",
        "estimated_monthly_amount_usd": 21305.14
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (15.48%)",
        "estimated_monthly_amount_usd": 14203.43
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 284068.52,
    "late_payment_interest_rate_percent": 13.0
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Illinois",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Le-Ryan LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Le-Ryan LLC",
        "Medina Ltd Mortgage Corp."
      ]
    }
  ]
}