<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-2024-9400
Status: Under Review
Governing Jurisdiction: Washington

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Olson Ltd Ventures, and the Tenant, Banks, Gallagher and Taylor. 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 2024-04-19.

The subject of this lease concerns the Partial unit 4A in Building 10 at the property located at 75728 Valencia Club
West Jorge, MD 93730. This Warehouse facility consists of approximately 36385 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-25, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $114,491.47. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $228,982.94 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 is permitted subject to standard conditions.

Per section 10.1, Banks, Gallagher and Taylor 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 Olson Ltd Ventures. Note the existence of a Co-tenancy Failure clause, which can be triggered with 60 days' notice and involves a penalty structured as 12 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-2024-9400",
  "parties": {
    "lessor_details": {
      "name": "Olson Ltd Ventures",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Banks, Gallagher and Taylor",
      "entity_type": "S-Corp",
      "address": "512 Smith Knolls\nPowersbury, FM 01720"
    }
  },
  "property_details": {
    "address": "75728 Valencia Club\nWest Jorge, MD 93730",
    "property_type": "Warehouse",
    "lease_area_description": "Partial unit 4A in Building 10",
    "square_footage_sqft": 36385
  },
  "lease_terms": {
    "effective_date": "2024-04-19",
    "commencement_date": "2024-05-25",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 114491.47,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (12.21%)",
        "estimated_monthly_amount_usd": 17173.72
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (14.77%)",
        "estimated_monthly_amount_usd": 11449.15
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 228982.94
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Washington",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Olson Ltd Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Olson Ltd Ventures",
        "Hernandez Ltd Mortgage Corp."
      ]
    }
  ]
}