<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-2024-7491
Status: Executed
Governing Jurisdiction: Alabama

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Gonzalez, Velasquez and Owen Properties, and the Tenant, Herrera, Castro and 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 2024-05-23.

The subject of this lease concerns the Entire unit 22A in Building 6 at the property located at 6961 Crystal Forge Suite 013
West Autumnchester, SC 94363. This Office facility consists of approximately 8847 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-06-05, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $43,873.75. This figure is scheduled for an annual increase based on a 3.94% escalation rate. A security deposit of $87,747.50 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 Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Herrera, Castro and Williams is required to maintain, at minimum, a Commercial General Liability policy of $2,000,000. The certificate of insurance must name all parties as stipulated, including Gonzalez, Velasquez and Owen Properties. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 60 days' notice and involves a penalty structured as 10 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-2024-7491",
  "parties": {
    "lessor_details": {
      "name": "Gonzalez, Velasquez and Owen Properties",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Herrera, Castro and Williams",
      "entity_type": "S-Corp",
      "address": "325 Emily Point\nEast Emma, FM 26705"
    }
  },
  "property_details": {
    "address": "6961 Crystal Forge Suite 013\nWest Autumnchester, SC 94363",
    "property_type": "Office",
    "lease_area_description": "Entire unit 22A in Building 6",
    "square_footage_sqft": 8847
  },
  "lease_terms": {
    "effective_date": "2024-05-23",
    "commencement_date": "2024-06-05",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 43873.75,
      "annual_escalation_rate_percent": 3.94,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (23.87%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (15.66%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 87747.5
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Alabama",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Gonzalez, Velasquez and Owen Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Gonzalez, Velasquez and Owen Properties",
        "Morrison and Sons Mortgage Corp."
      ]
    }
  ]
}