<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-2024-9676
Status: Draft
Governing Jurisdiction: Florida

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Miller-Garcia Ventures, and the Tenant, Kennedy, Foster and Miller. 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 2024-01-24.

The subject of this lease concerns the Partial unit 30 in Building 3 at the property located at 039 Rodriguez Locks
Lake Riley, MS 15331. This Industrial facility consists of approximately 18414 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-03, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $61,825.00. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $123,650.00 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, Kennedy, Foster and Miller 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 Miller-Garcia Ventures. 

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-2024-9676",
  "parties": {
    "lessor_details": {
      "name": "Miller-Garcia Ventures",
      "entity_type": "LLC",
      "address": "27905 Roth Lake Apt. 083\nTimothybury, NE 16220"
    },
    "lessee_details": {
      "name": "Kennedy, Foster and Miller",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "039 Rodriguez Locks\nLake Riley, MS 15331",
    "property_type": "Industrial",
    "lease_area_description": "Partial unit 30 in Building 3",
    "square_footage_sqft": 18414
  },
  "lease_terms": {
    "effective_date": "2024-01-24",
    "commencement_date": "2024-03-03",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 180
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 61825.0,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (25.0%)",
        "estimated_monthly_amount_usd": 9273.75
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (8.30%)",
        "estimated_monthly_amount_usd": 6182.5
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 123650.0
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Florida",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Miller-Garcia Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Miller-Garcia Ventures",
        "Lee Inc Mortgage Corp."
      ]
    }
  ]
}