<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-2024-2123
Status: Draft
Governing Jurisdiction: North Dakota

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Allen-Gill Inc., and the Tenant, Rogers, Alvarez and Sanchez. 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 2024-03-12.

The subject of this lease concerns the Entire suite 44 in Building 5 at the property located at 8104 Roy Junction
Lake Ashley, IL 90581. This Industrial facility consists of approximately 43427 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-24, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $212,177.08. This figure is scheduled for an annual increase based on a 2.71% escalation rate. A security deposit of $212,177.08 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 270 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, Rogers, Alvarez and Sanchez 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 Allen-Gill Inc.. 

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-2024-2123",
  "parties": {
    "lessor_details": {
      "name": "Allen-Gill Inc.",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Rogers, Alvarez and Sanchez",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "8104 Roy Junction\nLake Ashley, IL 90581",
    "property_type": "Industrial",
    "lease_area_description": "Entire suite 44 in Building 5",
    "square_footage_sqft": 43427
  },
  "lease_terms": {
    "effective_date": "2024-03-12",
    "commencement_date": "2024-03-24",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 270
      },
      {
        "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
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 212177.08,
      "annual_escalation_rate_percent": 2.71,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (19.15%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (16.44%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 212177.08
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "North Dakota",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Allen-Gill Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Allen-Gill Inc.",
        "Ramirez-Carr Mortgage Corp."
      ]
    }
  ]
}