<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-2024-7175
Status: Under Review
Governing Jurisdiction: Colorado

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Vasquez, Graham and Allen Holdings, and the Tenant, Vasquez and Sons. 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 2024-07-31.

The subject of this lease concerns the Entire unit 16B in Building 1 at the property located at 17898 Schmitt Circle Suite 035
East Alicia, CA 23001. This Mixed-Use facility consists of approximately 20777 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-10-05, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $70,832.26. This figure is scheduled for an annual increase based on a 1.82% escalation rate. A security deposit of $70,832.26 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months. 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.

Per section 10.1, Vasquez and Sons 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 Vasquez, Graham and Allen Holdings. Late payments of rent will accrue interest at a rate of 12.8% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 180 days' notice and involves a penalty structured as 5 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-2024-7175",
  "parties": {
    "lessor_details": {
      "name": "Vasquez, Graham and Allen Holdings",
      "entity_type": "LLC",
      "address": "61901 Fritz Springs\nNorth Annemouth, WY 41677"
    },
    "lessee_details": {
      "name": "Vasquez and Sons",
      "entity_type": "S-Corp",
      "address": "013 Devin Inlet Apt. 705\nLake Howard, OH 50141"
    }
  },
  "property_details": {
    "address": "17898 Schmitt Circle Suite 035\nEast Alicia, CA 23001",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire unit 16B in Building 1",
    "square_footage_sqft": 20777
  },
  "lease_terms": {
    "effective_date": "2024-07-31",
    "commencement_date": "2024-10-05",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 70832.26,
      "annual_escalation_rate_percent": 1.82,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (19.29%)",
        "estimated_monthly_amount_usd": 10624.84
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (21.11%)",
        "estimated_monthly_amount_usd": 7083.23
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 70832.26,
    "late_payment_interest_rate_percent": 12.8
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Colorado",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Vasquez, Graham and Allen Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Vasquez, Graham and Allen Holdings",
        "Pierce-Green Mortgage Corp."
      ]
    }
  ]
}