<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-2024-8795
Status: Under Review
Governing Jurisdiction: Alabama

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Ramos Inc Ventures, and the Tenant, Nguyen-Mullins. 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 2024-07-22.

The subject of this lease concerns the Partial floor 1B in Building 3 at the property located at 75498 Ashley Pass
Pearsonmouth, CO 74309. This Retail facility consists of approximately 12310 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-10-06, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $38,889.34. This figure is scheduled for an annual increase based on a 2.28% escalation rate. A security deposit of $77,778.68 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 90 days' prior notice. During any such renewal, the rent will be adjusted according to CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Nguyen-Mullins 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 Ramos Inc Ventures. Late payments of rent will accrue interest at a rate of 11.3% per annum. 

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-2024-8795",
  "parties": {
    "lessor_details": {
      "name": "Ramos Inc Ventures",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Nguyen-Mullins",
      "entity_type": "LLC",
      "address": "92075 Miller Wells Apt. 403\nNorth Eric, FM 84991"
    }
  },
  "property_details": {
    "address": "75498 Ashley Pass\nPearsonmouth, CO 74309",
    "property_type": "Retail",
    "lease_area_description": "Partial floor 1B in Building 3",
    "square_footage_sqft": 12310
  },
  "lease_terms": {
    "effective_date": "2024-07-22",
    "commencement_date": "2024-10-06",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 38889.34,
      "annual_escalation_rate_percent": 2.28,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (23.28%)",
        "estimated_monthly_amount_usd": 5833.4
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (12.32%)",
        "estimated_monthly_amount_usd": 3888.93
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 77778.68,
    "late_payment_interest_rate_percent": 11.3
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Alabama",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Ramos Inc Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Ramos Inc Ventures",
        "Campbell-Mathis Mortgage Corp."
      ]
    }
  ]
}