<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-2023-2277
Status: Under Review
Governing Jurisdiction: California

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Jordan, Lee and Sanchez Ventures, and the Tenant, Gonzalez Group. 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 2023-10-08.

The subject of this lease concerns the Partial floor 36B in Building 3 at the property located at 6802 Michael Spurs
Kimfort, CA 83509. This Office facility consists of approximately 39871 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2023-10-31, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $101,305.57. This figure is scheduled for an annual increase based on a 1.52% escalation rate. A security deposit of $101,305.57 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 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 requires Landlord's explicit consent.

Per section 10.1, Gonzalez Group 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 Jordan, Lee and Sanchez Ventures. Late payments of rent will accrue interest at a rate of 14.4% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 60 days' notice and involves a penalty structured as 10 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-2023-2277",
  "parties": {
    "lessor_details": {
      "name": "Jordan, Lee and Sanchez Ventures",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Gonzalez Group",
      "entity_type": "Corporation",
      "address": "20409 David Drive Apt. 779\nNew Joshuaport, VI 29206"
    }
  },
  "property_details": {
    "address": "6802 Michael Spurs\nKimfort, CA 83509",
    "property_type": "Office",
    "lease_area_description": "Partial floor 36B in Building 3",
    "square_footage_sqft": 39871
  },
  "lease_terms": {
    "effective_date": "2023-10-08",
    "commencement_date": "2023-10-31",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 101305.57,
      "annual_escalation_rate_percent": 1.52,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (21.78%)",
        "estimated_monthly_amount_usd": 15195.84
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (13.59%)",
        "estimated_monthly_amount_usd": 10130.56
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 101305.57,
    "late_payment_interest_rate_percent": 14.4
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "California",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Jordan, Lee and Sanchez Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Jordan, Lee and Sanchez Ventures",
        "Bass and Sons Mortgage Corp."
      ]
    }
  ]
}