<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-2023-3489
Status: Amended
Governing Jurisdiction: Utah

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Roberts, May and Payne LLC, and the Tenant, Perez PLC. 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 2023-10-23.

The subject of this lease concerns the Entire suite 39B in Building 9 at the property located at 5509 Anthony Trail
Deckerberg, MT 74816. This Industrial facility consists of approximately 39745 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-18, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $139,869.28. This figure is scheduled for an annual increase based on a 3.57% escalation rate. A security deposit of $279,738.56 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 CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Perez PLC 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 Roberts, May and Payne LLC. Late payments of rent will accrue interest at a rate of 10.5% per annum. Note the existence of a Co-tenancy Failure 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-2023-3489",
  "parties": {
    "lessor_details": {
      "name": "Roberts, May and Payne LLC",
      "entity_type": "Limited Partnership",
      "address": "96962 Chelsey Station\nAveryburgh, FM 26247"
    },
    "lessee_details": {
      "name": "Perez PLC",
      "entity_type": "Corporation",
      "address": "7646 Robert Ports Apt. 666\nFigueroaside, AS 28760"
    }
  },
  "property_details": {
    "address": "5509 Anthony Trail\nDeckerberg, MT 74816",
    "property_type": "Industrial",
    "lease_area_description": "Entire suite 39B in Building 9",
    "square_footage_sqft": 39745
  },
  "lease_terms": {
    "effective_date": "2023-10-23",
    "commencement_date": "2024-01-18",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 139869.28,
      "annual_escalation_rate_percent": 3.57,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (15.07%)",
        "estimated_monthly_amount_usd": 20980.39
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (17.80%)",
        "estimated_monthly_amount_usd": 13986.93
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 279738.56,
    "late_payment_interest_rate_percent": 10.5
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Utah",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Roberts, May and Payne LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Roberts, May and Payne LLC",
        "Davis and Sons Mortgage Corp."
      ]
    }
  ]
}