<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-2024-8505
Status: Executed
Governing Jurisdiction: Delaware

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Avila Group Inc., and the Tenant, Cox-Davis. 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 2024-01-25.

The subject of this lease concerns the Entire unit 38A in Building 4 at the property located at PSC 2824, Box 8699
APO AA 92303. This Warehouse facility consists of approximately 39267 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-04-01, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $76,636.10. This figure is scheduled for an annual increase based on a 2.7% escalation rate. A security deposit of $76,636.10 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 Fair Market Value. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Cox-Davis 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 Avila Group Inc.. Late payments of rent will accrue interest at a rate of 10.6% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 90 days' notice and involves a penalty structured as 6 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-2024-8505",
  "parties": {
    "lessor_details": {
      "name": "Avila Group Inc.",
      "entity_type": "LLC",
      "address": "0189 Rachael Square\nLake Keith, ME 94202"
    },
    "lessee_details": {
      "name": "Cox-Davis",
      "entity_type": "Corporation",
      "address": "48451 Johnson Highway Apt. 124\nPhelpsburgh, IL 56219"
    }
  },
  "property_details": {
    "address": "PSC 2824, Box 8699\nAPO AA 92303",
    "property_type": "Warehouse",
    "lease_area_description": "Entire unit 38A in Building 4",
    "square_footage_sqft": 39267
  },
  "lease_terms": {
    "effective_date": "2024-01-25",
    "commencement_date": "2024-04-01",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "6 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 76636.1,
      "annual_escalation_rate_percent": 2.7,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (13.65%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (17.17%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 76636.1,
    "late_payment_interest_rate_percent": 10.6
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Delaware",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Avila Group Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Avila Group Inc.",
        "Petersen, Hunt and Cunningham Mortgage Corp."
      ]
    }
  ]
}