<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-2024-5809
Status: Amended
Governing Jurisdiction: Idaho

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Anderson, Hill and Evans Properties, and the Tenant, Lopez-Meza. 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 2024-02-25.

The subject of this lease concerns the Partial floor 12A in Building 9 at the property located at 481 Heather Parks Apt. 183
Calebberg, PR 36312. This Retail facility consists of approximately 43047 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-04-05, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $114,935.49. This figure is scheduled for an annual increase based on a 3.32% escalation rate. A security deposit of $114,935.49 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 180 days' prior notice. 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, Lopez-Meza 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 Anderson, Hill and Evans Properties. Note the existence of a Tenant Early Termination Option 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-2024-5809",
  "parties": {
    "lessor_details": {
      "name": "Anderson, Hill and Evans Properties",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Lopez-Meza",
      "entity_type": "Corporation",
      "address": "579 Pope Prairie Apt. 954\nParkertown, KY 93127"
    }
  },
  "property_details": {
    "address": "481 Heather Parks Apt. 183\nCalebberg, PR 36312",
    "property_type": "Retail",
    "lease_area_description": "Partial floor 12A in Building 9",
    "square_footage_sqft": 43047
  },
  "lease_terms": {
    "effective_date": "2024-02-25",
    "commencement_date": "2024-04-05",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 180
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 114935.49,
      "annual_escalation_rate_percent": 3.32,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (6.75%)",
        "estimated_monthly_amount_usd": 17240.32
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (5.04%)",
        "estimated_monthly_amount_usd": 11493.55
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 114935.49
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Idaho",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Anderson, Hill and Evans Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Anderson, Hill and Evans Properties",
        "Luna-Ferguson Mortgage Corp."
      ]
    }
  ]
}