<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-2024-6034
Status: Draft
Governing Jurisdiction: Alaska

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Smith-Rodriguez LLC, and the Tenant, Medina, Brown and Lee. 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 2024-05-03.

The subject of this lease concerns the Entire floor 12B in Building 4 at the property located at 0203 Cathy Vista Suite 803
Garciafurt, DC 47325. This Mixed-Use facility consists of approximately 48349 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-07-22, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $81,750.10. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $81,750.10 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 Fair Market Value. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Medina, Brown and Lee 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 Smith-Rodriguez LLC. Late payments of rent will accrue interest at a rate of 6.0% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 60 days' notice and involves a penalty structured as 5 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-2024-6034",
  "parties": {
    "lessor_details": {
      "name": "Smith-Rodriguez LLC",
      "entity_type": "Corporation",
      "address": "96412 James Haven Suite 139\nMadisonton, IN 19984"
    },
    "lessee_details": {
      "name": "Medina, Brown and Lee",
      "entity_type": "LLC",
      "address": "9979 Patel Summit\nLake Jill, KY 69746"
    }
  },
  "property_details": {
    "address": "0203 Cathy Vista Suite 803\nGarciafurt, DC 47325",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire floor 12B in Building 4",
    "square_footage_sqft": 48349
  },
  "lease_terms": {
    "effective_date": "2024-05-03",
    "commencement_date": "2024-07-22",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 81750.1,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (5.56%)",
        "estimated_monthly_amount_usd": 12262.52
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (18.05%)",
        "estimated_monthly_amount_usd": 8175.01
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 81750.1,
    "late_payment_interest_rate_percent": 6.0
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Alaska",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Smith-Rodriguez LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Smith-Rodriguez LLC",
        "Hunt-Ruiz Mortgage Corp."
      ]
    }
  ]
}