<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-2024-3433
Status: Draft
Governing Jurisdiction: Connecticut

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Miller Ltd Properties, and the Tenant, Martinez, Avila and Martin. 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 2024-05-07.

The subject of this lease concerns the Partial unit 10B in Building 10 at the property located at 6099 Long Manors
Jamesville, TX 72660. This Retail facility consists of the specified area and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-07-24, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $49,187.34. This figure is scheduled for an annual increase based on a 2.43% escalation rate. A security deposit of $49,187.34 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 CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Martinez, Avila and Martin 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 Miller Ltd Properties. Late payments of rent will accrue interest at a rate of 11.8% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 60 days' notice and involves a penalty structured as 9 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-2024-3433",
  "parties": {
    "lessor_details": {
      "name": "Miller Ltd Properties",
      "entity_type": "LLC",
      "address": "0317 Vanessa Islands Suite 993\nSouth Pamela, AK 30200"
    },
    "lessee_details": {
      "name": "Martinez, Avila and Martin",
      "entity_type": "Corporation",
      "address": "51184 Massey Tunnel\nKatelynville, HI 44671"
    }
  },
  "property_details": {
    "address": "6099 Long Manors\nJamesville, TX 72660",
    "property_type": "Retail",
    "lease_area_description": "Partial unit 10B in Building 10"
  },
  "lease_terms": {
    "effective_date": "2024-05-07",
    "commencement_date": "2024-07-24",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 49187.34,
      "annual_escalation_rate_percent": 2.43,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (23.04%)",
        "estimated_monthly_amount_usd": 7378.1
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (9.81%)",
        "estimated_monthly_amount_usd": 4918.73
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 49187.34,
    "late_payment_interest_rate_percent": 11.8
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Connecticut",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Miller Ltd Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Miller Ltd Properties",
        "Jensen-Johnston Mortgage Corp."
      ]
    }
  ]
}