<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-2023-3736
Status: Executed
Governing Jurisdiction: Ohio

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Gutierrez, Jones and Chen LLC, and the Tenant, Mendoza-Williams. 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 2023-08-14.

The subject of this lease concerns the Partial floor 28A in Building 9 at the property located at 22639 Hodges Bypass Suite 862
Lake Courtneyville, FL 26362. This Industrial facility consists of the specified area and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-11-06, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $95,546.15. This figure is scheduled for an annual increase based on a 3.05% escalation rate. A security deposit of $95,546.15 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 270 days' prior notice. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Mendoza-Williams 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 Gutierrez, Jones and Chen LLC. Late payments of rent will accrue interest at a rate of 12.1% 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 7 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-2023-3736",
  "parties": {
    "lessor_details": {
      "name": "Gutierrez, Jones and Chen LLC",
      "entity_type": "LLC",
      "address": "14159 Brianna Village Apt. 024\nAngelashire, CA 63906"
    },
    "lessee_details": {
      "name": "Mendoza-Williams",
      "entity_type": "Corporation",
      "address": "60015 David Islands Apt. 115\nSamuelborough, ND 59003"
    }
  },
  "property_details": {
    "address": "22639 Hodges Bypass Suite 862\nLake Courtneyville, FL 26362",
    "property_type": "Industrial",
    "lease_area_description": "Partial floor 28A in Building 9"
  },
  "lease_terms": {
    "effective_date": "2023-08-14",
    "commencement_date": "2023-11-06",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 95546.15,
      "annual_escalation_rate_percent": 3.05,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (12.18%)",
        "estimated_monthly_amount_usd": 14331.92
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (16.07%)",
        "estimated_monthly_amount_usd": 9554.62
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 95546.15,
    "late_payment_interest_rate_percent": 12.1
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Ohio",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Gutierrez, Jones and Chen LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Gutierrez, Jones and Chen LLC",
        "Roth-Bailey Mortgage Corp."
      ]
    }
  ]
}