<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-2024-9788
Status: Under Review
Governing Jurisdiction: Georgia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Gomez-Scott LLC, and the Tenant, Harris PLC. 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 2024-06-13.

The subject of this lease concerns the Entire unit 43A in Building 3 at the property located at 4929 Lauren Ridges Suite 705
Lake Erinton, WA 24588. This Mixed-Use facility consists of approximately 21058 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-06-17, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $82,968.52. This figure is scheduled for an annual increase based on a 1.89% escalation rate. A security deposit of $165,937.04 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 365 days' prior notice. During any such renewal, the rent will be adjusted according to Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Harris PLC 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 Gomez-Scott LLC. Late payments of rent will accrue interest at a rate of 5.1% 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-2024-9788",
  "parties": {
    "lessor_details": {
      "name": "Gomez-Scott LLC",
      "entity_type": "Limited Partnership",
      "address": "6545 Kelly Square\nLatashashire, DE 39049"
    },
    "lessee_details": {
      "name": "Harris PLC",
      "entity_type": "S-Corp",
      "address": "546 Zachary Camp\nNorth Justin, MA 36907"
    }
  },
  "property_details": {
    "address": "4929 Lauren Ridges Suite 705\nLake Erinton, WA 24588",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire unit 43A in Building 3",
    "square_footage_sqft": 21058
  },
  "lease_terms": {
    "effective_date": "2024-06-13",
    "commencement_date": "2024-06-17",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 82968.52,
      "annual_escalation_rate_percent": 1.89,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (20.09%)",
        "estimated_monthly_amount_usd": 12445.28
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (24.00%)",
        "estimated_monthly_amount_usd": 8296.85
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 165937.04,
    "late_payment_interest_rate_percent": 5.1
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Georgia",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Gomez-Scott LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Gomez-Scott LLC",
        "Jimenez-Mckinney Mortgage Corp."
      ]
    }
  ]
}