<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-2023-4825
Status: Under Review
Governing Jurisdiction: Idaho

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Acevedo, Boyer and Gates Properties, and the Tenant, Johnson, Flores and Cox. 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 2023-09-16.

The subject of this lease concerns the Partial floor 3B in Building 2 at the property located at 04624 Patricia Drive
Port Andrealand, NJ 36932. This Mixed-Use facility consists of approximately 47256 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2023-09-16, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $160,434.12. This figure is scheduled for an annual increase based on a 3.92% escalation rate. A security deposit of $160,434.12 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 180 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, Johnson, Flores and Cox 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 Acevedo, Boyer and Gates Properties. Late payments of rent will accrue interest at a rate of 15.3% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 90 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-2023-4825",
  "parties": {
    "lessor_details": {
      "name": "Acevedo, Boyer and Gates Properties",
      "entity_type": "LLC",
      "address": "25259 William Rue\nCooktown, AR 33360"
    },
    "lessee_details": {
      "name": "Johnson, Flores and Cox",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "04624 Patricia Drive\nPort Andrealand, NJ 36932",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial floor 3B in Building 2",
    "square_footage_sqft": 47256
  },
  "lease_terms": {
    "effective_date": "2023-09-16",
    "commencement_date": "2023-09-16",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 160434.12,
      "annual_escalation_rate_percent": 3.92,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.00%)",
        "estimated_monthly_amount_usd": 24065.12
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (10.89%)",
        "estimated_monthly_amount_usd": 16043.41
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 160434.12,
    "late_payment_interest_rate_percent": 15.3
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Idaho",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Acevedo, Boyer and Gates Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Acevedo, Boyer and Gates Properties",
        "Williams LLC Mortgage Corp."
      ]
    }
  ]
}