<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-2024-7299
Status: Executed
Governing Jurisdiction: Utah

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Lopez LLC Ventures, and the Tenant, Gray, Velazquez and Marshall. 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 2024-03-25.

The subject of this lease concerns the Entire unit 9B in Building 4 at the property located at 558 Rodriguez Plaza
Lake Adriennehaven, NY 95922. This Mixed-Use facility consists of approximately 24560 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-06-05, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $106,754.13. This figure is scheduled for an annual increase based on a 2.9% escalation rate. A security deposit of $213,508.26 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 365 days' prior notice. 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, Gray, Velazquez and Marshall 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 Lopez LLC Ventures. Note the existence of a Co-tenancy Failure clause, which can be triggered with 90 days' notice and involves a penalty structured as 4 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-2024-7299",
  "parties": {
    "lessor_details": {
      "name": "Lopez LLC Ventures",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Gray, Velazquez and Marshall",
      "entity_type": "LLC",
      "address": "9164 Nolan Loop\nClarkfort, WA 56194"
    }
  },
  "property_details": {
    "address": "558 Rodriguez Plaza\nLake Adriennehaven, NY 95922",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire unit 9B in Building 4",
    "square_footage_sqft": 24560
  },
  "lease_terms": {
    "effective_date": "2024-03-25",
    "commencement_date": "2024-06-05",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "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": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "4 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 106754.13,
      "annual_escalation_rate_percent": 2.9,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (10.74%)",
        "estimated_monthly_amount_usd": 16013.12
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (22.85%)",
        "estimated_monthly_amount_usd": 10675.41
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 213508.26
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Utah",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Lopez LLC Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Lopez LLC Ventures",
        "Dalton, Jones and Shaffer Mortgage Corp."
      ]
    }
  ]
}