<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-2024-3583
Status: Executed
Governing Jurisdiction: Iowa

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Villarreal, Webb and Williams Ventures, and the Tenant, Young-Bartlett. 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 2024-01-27.

The subject of this lease concerns the Entire suite 21 in Building 4 at the property located at USCGC Landry
FPO AE 71425. This Office 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 2024-02-27, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $37,478.53. This figure is scheduled for an annual increase based on a 2.05% escalation rate. A security deposit of $74,957.06 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 365 days' prior notice. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Young-Bartlett 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 Villarreal, Webb and Williams Ventures. Late payments of rent will accrue interest at a rate of 12.5% 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-2024-3583",
  "parties": {
    "lessor_details": {
      "name": "Villarreal, Webb and Williams Ventures",
      "entity_type": "Corporation",
      "address": "510 Pamela Flat\nNew Eddiehaven, CA 20119"
    },
    "lessee_details": {
      "name": "Young-Bartlett",
      "entity_type": "S-Corp",
      "address": "765 Powers Heights Apt. 338\nWest Frankstad, WY 06598"
    }
  },
  "property_details": {
    "address": "USCGC Landry\nFPO AE 71425",
    "property_type": "Office",
    "lease_area_description": "Entire suite 21 in Building 4"
  },
  "lease_terms": {
    "effective_date": "2024-01-27",
    "commencement_date": "2024-02-27",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 365
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 37478.53,
      "annual_escalation_rate_percent": 2.05,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (12.98%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (6.74%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 74957.06,
    "late_payment_interest_rate_percent": 12.5
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Iowa",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Villarreal, Webb and Williams Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Villarreal, Webb and Williams Ventures",
        "Leonard Inc Mortgage Corp."
      ]
    }
  ]
}