<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-2023-4771
Status: Under Review
Governing Jurisdiction: Idaho

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Dunlap Inc LLC, and the Tenant, Ortiz Inc. 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 2023-10-05.

The subject of this lease concerns the Partial suite 26A in Building 5 at the property located at 0706 Eddie Mountains
Smithland, NV 56279. This Retail facility consists of approximately 47567 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-14, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $101,912.30. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $203,824.60 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 180 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, Ortiz Inc 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 Dunlap Inc LLC. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 90 days' notice and involves a penalty structured as 7 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-2023-4771",
  "parties": {
    "lessor_details": {
      "name": "Dunlap Inc LLC",
      "entity_type": "Corporation",
      "address": "3801 Gallegos Crossroad Suite 677\nSouth Jeffreyview, AS 41154"
    },
    "lessee_details": {
      "name": "Ortiz Inc",
      "entity_type": "Corporation",
      "address": "861 Charles Burgs\nWest Lindsay, MT 79597"
    }
  },
  "property_details": {
    "address": "0706 Eddie Mountains\nSmithland, NV 56279",
    "property_type": "Retail",
    "lease_area_description": "Partial suite 26A in Building 5",
    "square_footage_sqft": 47567
  },
  "lease_terms": {
    "effective_date": "2023-10-05",
    "commencement_date": "2023-12-14",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 101912.3,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (23.72%)",
        "estimated_monthly_amount_usd": 15286.84
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (9.26%)",
        "estimated_monthly_amount_usd": 10191.23
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 203824.6
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Idaho",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Dunlap Inc LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Dunlap Inc LLC",
        "Murray-Morris Mortgage Corp."
      ]
    }
  ]
}