<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-2024-3860
Status: Amended
Governing Jurisdiction: Mississippi

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Lopez LLC Ventures, and the Tenant, Morgan Inc. 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 2024-01-18.

The subject of this lease concerns the Partial unit 25A in Building 7 at the property located at 9770 Robert Prairie
Adamland, NV 62556. This Industrial 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 2024-01-18, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $97,148.84. This figure is scheduled for an annual increase based on a 2.6% escalation rate. A security deposit of $97,148.84 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 Fair Market Value. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Morgan Inc is required to maintain, at minimum, a Commercial General Liability policy of $1,000,000. The certificate of insurance must name all parties as stipulated, including Lopez LLC Ventures. 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-2024-3860",
  "parties": {
    "lessor_details": {
      "name": "Lopez LLC Ventures",
      "entity_type": "LLC",
      "address": "2794 Davis Squares\nWest Robertfort, PA 52057"
    },
    "lessee_details": {
      "name": "Morgan Inc",
      "entity_type": "LLC",
      "address": "44534 Kim Alley Apt. 161\nHatfieldland, AZ 06955"
    }
  },
  "property_details": {
    "address": "9770 Robert Prairie\nAdamland, NV 62556",
    "property_type": "Industrial",
    "lease_area_description": "Partial unit 25A in Building 7"
  },
  "lease_terms": {
    "effective_date": "2024-01-18",
    "commencement_date": "2024-01-18",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "4 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 97148.84,
      "annual_escalation_rate_percent": 2.6,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (25.0%)",
        "estimated_monthly_amount_usd": 14572.33
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (15.67%)",
        "estimated_monthly_amount_usd": 9714.88
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 97148.84
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Mississippi",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Lopez LLC Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Lopez LLC Ventures",
        "Lopez Ltd Mortgage Corp."
      ]
    }
  ]
}