<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-2023-9144
Status: Amended
Governing Jurisdiction: Vermont

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Gutierrez-Flores Inc., and the Tenant, Richards Group. 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 2023-12-18.

The subject of this lease concerns the Entire floor 31 in Building 3 at the property located at 79218 Parsons Path
Port Brenda, MD 92987. This Industrial facility consists of approximately 42537 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-07, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $76,779.29. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $76,779.29 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 90 days' prior notice. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Richards Group 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 Gutierrez-Flores Inc.. Late payments of rent will accrue interest at a rate of 5.7% 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-2023-9144",
  "parties": {
    "lessor_details": {
      "name": "Gutierrez-Flores Inc.",
      "entity_type": "Corporation",
      "address": "513 Perez Lake Apt. 898\nMoralestown, TN 64590"
    },
    "lessee_details": {
      "name": "Richards Group",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "79218 Parsons Path\nPort Brenda, MD 92987",
    "property_type": "Industrial",
    "lease_area_description": "Entire floor 31 in Building 3",
    "square_footage_sqft": 42537
  },
  "lease_terms": {
    "effective_date": "2023-12-18",
    "commencement_date": "2024-03-07",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "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": 76779.29,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (23.46%)",
        "estimated_monthly_amount_usd": 11516.89
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (19.53%)",
        "estimated_monthly_amount_usd": 7677.93
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 76779.29,
    "late_payment_interest_rate_percent": 5.7
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Vermont",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Gutierrez-Flores Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Gutierrez-Flores Inc.",
        "Romero-Stanton Mortgage Corp."
      ]
    }
  ]
}