<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-2024-1399
Status: Amended
Governing Jurisdiction: Delaware

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Young-Benton Inc., and the Tenant, Ramirez and Sons. 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 2024-06-23.

The subject of this lease concerns the Partial suite 36A in Building 5 at the property located at 77844 Lindsay Trace
Lake Jeffreyville, ND 78835. This Office facility consists of the specified area and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-07-27, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $25,950.44. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $51,900.88 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 270 days' prior notice. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Ramirez and Sons 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 Young-Benton Inc.. Late payments of rent will accrue interest at a rate of 13.2% 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 11 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-2024-1399",
  "parties": {
    "lessor_details": {
      "name": "Young-Benton Inc.",
      "entity_type": "Limited Partnership",
      "address": "90115 Jared Mall Apt. 825\nWest Jonberg, MP 21279"
    },
    "lessee_details": {
      "name": "Ramirez and Sons",
      "entity_type": "LLC",
      "address": "190 Wiggins Walk Apt. 022\nNorth Barbara, CT 12953"
    }
  },
  "property_details": {
    "address": "77844 Lindsay Trace\nLake Jeffreyville, ND 78835",
    "property_type": "Office",
    "lease_area_description": "Partial suite 36A in Building 5"
  },
  "lease_terms": {
    "effective_date": "2024-06-23",
    "commencement_date": "2024-07-27",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 25950.44,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (21.12%)",
        "estimated_monthly_amount_usd": 3892.57
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (19.67%)",
        "estimated_monthly_amount_usd": 2595.04
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 51900.88,
    "late_payment_interest_rate_percent": 13.2
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Delaware",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Young-Benton Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Young-Benton Inc.",
        "Hogan, Rich and Reed Mortgage Corp."
      ]
    }
  ]
}