<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-2024-4728
Status: Under Review
Governing Jurisdiction: New Hampshire

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Ruiz, Yates and Poole Holdings, and the Tenant, Myers LLC. 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 2024-03-11.

The subject of this lease concerns the Entire unit 3B in Building 8 at the property located at 47050 Hayden Drive Suite 575
West Christina, NV 01854. This Office facility consists of approximately 31596 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-13, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $98,869.15. This figure is scheduled for an annual increase based on a 2.46% escalation rate. A security deposit of $98,869.15 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 365 days' prior notice. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Myers LLC 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 Ruiz, Yates and Poole Holdings. Note the existence of a Co-tenancy Failure clause, which can be triggered with 60 days' notice and involves a penalty structured as 11 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-2024-4728",
  "parties": {
    "lessor_details": {
      "name": "Ruiz, Yates and Poole Holdings",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Myers LLC",
      "entity_type": "LLC",
      "address": "6359 House Canyon\nAaronshire, TN 12091"
    }
  },
  "property_details": {
    "address": "47050 Hayden Drive Suite 575\nWest Christina, NV 01854",
    "property_type": "Office",
    "lease_area_description": "Entire unit 3B in Building 8",
    "square_footage_sqft": 31596
  },
  "lease_terms": {
    "effective_date": "2024-03-11",
    "commencement_date": "2024-03-13",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 365
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 98869.15,
      "annual_escalation_rate_percent": 2.46,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (25.0%)",
        "estimated_monthly_amount_usd": 14830.37
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (18.84%)",
        "estimated_monthly_amount_usd": 9886.92
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 98869.15
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "New Hampshire",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Ruiz, Yates and Poole Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Ruiz, Yates and Poole Holdings",
        "Wagner-Frazier Mortgage Corp."
      ]
    }
  ]
}