<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-2023-6378
Status: Amended
Governing Jurisdiction: West Virginia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Espinoza Inc LLC, and the Tenant, Adams, Johnson and West. 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 2023-10-18.

The subject of this lease concerns the Entire unit 34B in Building 4 at the property located at 724 Callahan Stravenue
South Diane, ME 38951. This Office facility consists of approximately 49725 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-24, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $129,077.81. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $258,155.62 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months. 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, Adams, Johnson and West is required to maintain, at minimum, a Commercial General Liability policy of $2,000,000. The certificate of insurance must name all parties as stipulated, including Espinoza Inc LLC. Late payments of rent will accrue interest at a rate of 8.2% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 90 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-2023-6378",
  "parties": {
    "lessor_details": {
      "name": "Espinoza Inc LLC",
      "entity_type": "LLC",
      "address": "4788 Zachary Plaza Apt. 172\nEast Ronald, TX 21158"
    },
    "lessee_details": {
      "name": "Adams, Johnson and West",
      "entity_type": "LLC",
      "address": "0943 David View Apt. 963\nDennisstad, NH 76513"
    }
  },
  "property_details": {
    "address": "724 Callahan Stravenue\nSouth Diane, ME 38951",
    "property_type": "Office",
    "lease_area_description": "Entire unit 34B in Building 4",
    "square_footage_sqft": 49725
  },
  "lease_terms": {
    "effective_date": "2023-10-18",
    "commencement_date": "2023-12-24",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "4 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 129077.81,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.57%)",
        "estimated_monthly_amount_usd": 19361.67
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (11.60%)",
        "estimated_monthly_amount_usd": 12907.78
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 258155.62,
    "late_payment_interest_rate_percent": 8.2
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "West Virginia",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Espinoza Inc LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Espinoza Inc LLC",
        "White, Crawford and Smith Mortgage Corp."
      ]
    }
  ]
}