<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-2024-7784
Status: Amended
Governing Jurisdiction: Texas

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Marquez Group Holdings, and the Tenant, Schwartz, Sullivan and Baker. 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 floor 41A in Building 9 at the property located at 83311 Franklin Wells Apt. 904
Christinastad, KY 06012. This Mixed-Use facility consists of the specified area and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-04, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $154,417.26. This figure is scheduled for an annual increase based on a 1.64% escalation rate. A security deposit of $154,417.26 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 270 days' prior notice. 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, Schwartz, Sullivan and Baker 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 Marquez Group Holdings. Late payments of rent will accrue interest at a rate of 12.9% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 60 days' notice and involves a penalty structured as 9 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-2024-7784",
  "parties": {
    "lessor_details": {
      "name": "Marquez Group Holdings",
      "entity_type": "Limited Partnership",
      "address": "722 Chambers Circles Suite 639\nMillerfurt, NJ 57546"
    },
    "lessee_details": {
      "name": "Schwartz, Sullivan and Baker",
      "entity_type": "S-Corp",
      "address": "192 Schneider Landing Suite 899\nPerezview, KY 54908"
    }
  },
  "property_details": {
    "address": "83311 Franklin Wells Apt. 904\nChristinastad, KY 06012",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire floor 41A in Building 9"
  },
  "lease_terms": {
    "effective_date": "2024-01-27",
    "commencement_date": "2024-03-04",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 154417.26,
      "annual_escalation_rate_percent": 1.64,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (18.37%)",
        "estimated_monthly_amount_usd": 23162.59
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (9.74%)",
        "estimated_monthly_amount_usd": 15441.73
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 154417.26,
    "late_payment_interest_rate_percent": 12.9
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Texas",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Marquez Group Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Marquez Group Holdings",
        "Rodriguez, Patel and Brock Mortgage Corp."
      ]
    }
  ]
}