<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-2024-9059
Status: Executed
Governing Jurisdiction: Wisconsin

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Ryan and Sons Ventures, and the Tenant, Hoffman-Chan. 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 2024-07-20.

The subject of this lease concerns the Entire unit 35 in Building 3 at the property located at 397 Turner Port
North Claire, AZ 83105. This Office facility consists of the specified area and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-09-28, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $10,175.20. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $10,175.20 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 CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Hoffman-Chan 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 Ryan and Sons Ventures. Late payments of rent will accrue interest at a rate of 16.0% per annum. 

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-2024-9059",
  "parties": {
    "lessor_details": {
      "name": "Ryan and Sons Ventures",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Hoffman-Chan",
      "entity_type": "LLC",
      "address": "946 Clark Forest Apt. 492\nArthurborough, GA 85393"
    }
  },
  "property_details": {
    "address": "397 Turner Port\nNorth Claire, AZ 83105",
    "property_type": "Office",
    "lease_area_description": "Entire unit 35 in Building 3"
  },
  "lease_terms": {
    "effective_date": "2024-07-20",
    "commencement_date": "2024-09-28",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 10175.2,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (22.70%)",
        "estimated_monthly_amount_usd": 1526.28
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (8.34%)",
        "estimated_monthly_amount_usd": 1017.52
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 10175.2,
    "late_payment_interest_rate_percent": 16.0
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Wisconsin",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Ryan and Sons Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Ryan and Sons Ventures",
        "Kirk, Lambert and Rogers Mortgage Corp."
      ]
    }
  ]
}