<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-2024-3973
Status: Executed
Governing Jurisdiction: New Mexico

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Jimenez, Cruz and Vaughan Inc., and the Tenant, Lee, Jennings and Watson. 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 Entire unit 40 in Building 6 at the property located at 086 Jackson Village Suite 488
North Colleen, ME 56907. This Warehouse facility consists of the specified area and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-10-15, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $153,678.56. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $307,357.12 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 365 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, Lee, Jennings and Watson 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 Jimenez, Cruz and Vaughan Inc.. Late payments of rent will accrue interest at a rate of 17.1% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 180 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-2024-3973",
  "parties": {
    "lessor_details": {
      "name": "Jimenez, Cruz and Vaughan Inc.",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Lee, Jennings and Watson",
      "entity_type": "S-Corp",
      "address": "USCGC Young\nFPO AE 09730"
    }
  },
  "property_details": {
    "address": "086 Jackson Village Suite 488\nNorth Colleen, ME 56907",
    "property_type": "Warehouse",
    "lease_area_description": "Entire unit 40 in Building 6"
  },
  "lease_terms": {
    "effective_date": "2024-07-22",
    "commencement_date": "2024-10-15",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 365
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "4 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 153678.56,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (14.00%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (6.83%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 307357.12,
    "late_payment_interest_rate_percent": 17.1
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "New Mexico",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Jimenez, Cruz and Vaughan Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Jimenez, Cruz and Vaughan Inc.",
        "Jenkins PLC Mortgage Corp."
      ]
    }
  ]
}