<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-2024-6868
Status: Under Review
Governing Jurisdiction: Iowa

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Johnson-Schneider Inc., and the Tenant, Romero-Quinn. 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 2024-08-02.

The subject of this lease concerns the Entire suite 11A in Building 3 at the property located at 1765 Robert Junctions
New Annetteburgh, OR 63677. This Mixed-Use facility consists of approximately 6178 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-09-11, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $23,388.88. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $46,777.76 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 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, Romero-Quinn 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 Johnson-Schneider Inc.. Late payments of rent will accrue interest at a rate of 11.6% per annum. Note the existence of a Co-tenancy Failure 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-2024-6868",
  "parties": {
    "lessor_details": {
      "name": "Johnson-Schneider Inc.",
      "entity_type": "LLC",
      "address": "37276 Evans Lakes Suite 874\nStanleyside, VI 86452"
    },
    "lessee_details": {
      "name": "Romero-Quinn",
      "entity_type": "Corporation",
      "address": "764 Massey Mountain\nPort Sara, ND 96354"
    }
  },
  "property_details": {
    "address": "1765 Robert Junctions\nNew Annetteburgh, OR 63677",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire suite 11A in Building 3",
    "square_footage_sqft": 6178
  },
  "lease_terms": {
    "effective_date": "2024-08-02",
    "commencement_date": "2024-09-11",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 23388.88,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (23.43%)",
        "estimated_monthly_amount_usd": 3508.33
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (16.65%)",
        "estimated_monthly_amount_usd": 2338.89
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 46777.76,
    "late_payment_interest_rate_percent": 11.6
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Iowa",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Johnson-Schneider Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Johnson-Schneider Inc.",
        "Delgado-Sandoval Mortgage Corp."
      ]
    }
  ]
}