<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-2023-5348
Status: Under Review
Governing Jurisdiction: Georgia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Johnson-Lopez Holdings, and the Tenant, Watkins, Brennan and Harmon. 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 2023-09-04.

The subject of this lease concerns the Entire unit 30A in Building 5 at the property located at 2740 Diaz Causeway
Chadfort, NE 89056. This Industrial facility consists of approximately 38645 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2023-11-02, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $191,969.04. This figure is scheduled for an annual increase based on a 1.61% escalation rate. A security deposit of $383,938.08 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months. During any such renewal, the rent will be adjusted according to CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Watkins, Brennan and Harmon 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 Johnson-Lopez Holdings. Late payments of rent will accrue interest at a rate of 11.0% per annum. 

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-2023-5348",
  "parties": {
    "lessor_details": {
      "name": "Johnson-Lopez Holdings",
      "entity_type": "LLC",
      "address": "18700 Jasmine Ferry\nPort Brandichester, GA 47132"
    },
    "lessee_details": {
      "name": "Watkins, Brennan and Harmon",
      "entity_type": "Corporation",
      "address": "31561 Gray Plains Apt. 572\nParksfurt, MP 81365"
    }
  },
  "property_details": {
    "address": "2740 Diaz Causeway\nChadfort, NE 89056",
    "property_type": "Industrial",
    "lease_area_description": "Entire unit 30A in Building 5",
    "square_footage_sqft": 38645
  },
  "lease_terms": {
    "effective_date": "2023-09-04",
    "commencement_date": "2023-11-02",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 191969.04,
      "annual_escalation_rate_percent": 1.61,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (18.12%)",
        "estimated_monthly_amount_usd": 28795.36
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (13.15%)",
        "estimated_monthly_amount_usd": 19196.9
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 383938.08,
    "late_payment_interest_rate_percent": 11.0
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Georgia",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Johnson-Lopez Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Johnson-Lopez Holdings",
        "Wade, Arnold and Johnson Mortgage Corp."
      ]
    }
  ]
}