<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-2024-4338
Status: Under Review
Governing Jurisdiction: Michigan

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Alvarez Inc Ventures, and the Tenant, Johnson-Orr. 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 2024-05-12.

The subject of this lease concerns the Entire unit 47A in Building 8 at the property located at 507 Griffin Station
Henryborough, MO 73360. 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 2024-07-01, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $170,889.37. This figure is scheduled for an annual increase based on a 3.21% escalation rate. A security deposit of $170,889.37 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 Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Johnson-Orr 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 Alvarez Inc Ventures. Late payments of rent will accrue interest at a rate of 18.0% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 90 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-2024-4338",
  "parties": {
    "lessor_details": {
      "name": "Alvarez Inc Ventures",
      "entity_type": "LLC",
      "address": "PSC 8110, Box 6532\nAPO AP 42659"
    },
    "lessee_details": {
      "name": "Johnson-Orr",
      "entity_type": "LLC",
      "address": "9996 Gregory Ports Apt. 581\nGrantport, FL 08157"
    }
  },
  "property_details": {
    "address": "507 Griffin Station\nHenryborough, MO 73360",
    "property_type": "Warehouse",
    "lease_area_description": "Entire unit 47A in Building 8"
  },
  "lease_terms": {
    "effective_date": "2024-05-12",
    "commencement_date": "2024-07-01",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 170889.37,
      "annual_escalation_rate_percent": 3.21,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (19.56%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (12.46%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 170889.37,
    "late_payment_interest_rate_percent": 18.0
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Michigan",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Alvarez Inc Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Alvarez Inc Ventures",
        "Evans PLC Mortgage Corp."
      ]
    }
  ]
}