<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-2023-9201
Status: Amended
Governing Jurisdiction: Louisiana

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Rodriguez Inc Ventures, and the Tenant, Richards-Patton. 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 2023-10-24.

The subject of this lease concerns the Entire unit 35 in Building 3 at the property located at 2318 Olsen Prairie Apt. 161
New Matthew, NM 02089. This Industrial facility consists of approximately 44341 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-11-17, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $103,240.63. This figure is scheduled for an annual increase based on a 3.1% escalation rate. A security deposit of $103,240.63 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 180 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, Richards-Patton 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 Rodriguez Inc Ventures. Note the existence of a Landlord Recapture Right clause, which can be triggered with 60 days' notice and involves a penalty structured as 4 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-2023-9201",
  "parties": {
    "lessor_details": {
      "name": "Rodriguez Inc Ventures",
      "entity_type": "LLC",
      "address": "0494 Lori Circles Apt. 338\nAlanside, WI 98546"
    },
    "lessee_details": {
      "name": "Richards-Patton",
      "entity_type": "S-Corp",
      "address": "54769 Alyssa Mews\nPort Robertfurt, RI 40123"
    }
  },
  "property_details": {
    "address": "2318 Olsen Prairie Apt. 161\nNew Matthew, NM 02089",
    "property_type": "Industrial",
    "lease_area_description": "Entire unit 35 in Building 3",
    "square_footage_sqft": 44341
  },
  "lease_terms": {
    "effective_date": "2023-10-24",
    "commencement_date": "2023-11-17",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 180
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "4 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 103240.63,
      "annual_escalation_rate_percent": 3.1,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (16.77%)",
        "estimated_monthly_amount_usd": 15486.09
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (21.10%)",
        "estimated_monthly_amount_usd": 10324.06
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 103240.63
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Louisiana",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Rodriguez Inc Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Rodriguez Inc Ventures",
        "Hall, Craig and Mccormick Mortgage Corp."
      ]
    }
  ]
}