<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-2023-6608
Status: Executed
Governing Jurisdiction: California

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Roth-Aguilar Ventures, and the Tenant, Horton, Morgan and Curtis. 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 2023-11-25.

The subject of this lease concerns the Partial suite 13B in Building 4 at the property located at 177 Timothy Common Apt. 566
Rosschester, WA 04824. This Warehouse 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 2024-02-09, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $73,085.82. This figure is scheduled for an annual increase based on a 2.33% escalation rate. A security deposit of $73,085.82 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 90 days' prior notice. During any such renewal, the rent will be adjusted according to Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Horton, Morgan and Curtis 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 Roth-Aguilar Ventures. Late payments of rent will accrue interest at a rate of 6.1% 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-2023-6608",
  "parties": {
    "lessor_details": {
      "name": "Roth-Aguilar Ventures",
      "entity_type": "Corporation",
      "address": "303 John Drive\nEast Melissabury, AS 71629"
    },
    "lessee_details": {
      "name": "Horton, Morgan and Curtis",
      "entity_type": "LLC",
      "address": "2711 Jeffery Turnpike\nTiffanyfort, ME 23905"
    }
  },
  "property_details": {
    "address": "177 Timothy Common Apt. 566\nRosschester, WA 04824",
    "property_type": "Warehouse",
    "lease_area_description": "Partial suite 13B in Building 4"
  },
  "lease_terms": {
    "effective_date": "2023-11-25",
    "commencement_date": "2024-02-09",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 73085.82,
      "annual_escalation_rate_percent": 2.33,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (13.57%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (17.94%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 73085.82,
    "late_payment_interest_rate_percent": 6.1
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "California",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Roth-Aguilar Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Roth-Aguilar Ventures",
        "Fitzgerald Inc Mortgage Corp."
      ]
    }
  ]
}