<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-2024-3987
Status: Under Review
Governing Jurisdiction: Utah

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Gonzalez Ltd Inc., and the Tenant, Curry LLC. 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 2024-02-11.

The subject of this lease concerns the Partial suite 48A in Building 5 at the property located at 671 Rocha Isle Suite 943
Randolphhaven, GU 46443. This Office facility consists of approximately 14463 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-04-22, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $61,045.91. This figure is scheduled for an annual increase based on a 2.78% escalation rate. A security deposit of $61,045.91 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 90 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 is permitted subject to standard conditions.

Late payments of rent will accrue interest at a rate of 11.7% 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 3 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-2024-3987",
  "parties": {
    "lessor_details": {
      "name": "Gonzalez Ltd Inc.",
      "entity_type": "LLC",
      "address": "19432 Barton Garden\nJasonfurt, OH 67914"
    },
    "lessee_details": {
      "name": "Curry LLC",
      "entity_type": "S-Corp",
      "address": "7111 Hunt Field\nLake Amanda, IL 03909"
    }
  },
  "property_details": {
    "address": "671 Rocha Isle Suite 943\nRandolphhaven, GU 46443",
    "property_type": "Office",
    "lease_area_description": "Partial suite 48A in Building 5",
    "square_footage_sqft": 14463
  },
  "lease_terms": {
    "effective_date": "2024-02-11",
    "commencement_date": "2024-04-22",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 61045.91,
      "annual_escalation_rate_percent": 2.78,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (22.30%)",
        "estimated_monthly_amount_usd": 9156.89
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (10.79%)",
        "estimated_monthly_amount_usd": 6104.59
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 61045.91,
    "late_payment_interest_rate_percent": 11.7
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Utah",
  "document_status": "Under Review"
}