<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-2023-9386
Status: Amended
Governing Jurisdiction: Utah

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Evans Inc LLC, and the Tenant, Garcia Ltd. 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 2023-08-26.

The subject of this lease concerns the Partial suite 14 in Building 4 at the property located at 43035 Clark Park
New Chrisport, VI 54366. This Retail facility consists of approximately 34605 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2023-09-23, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $126,913.84. This figure is scheduled for an annual increase based on a 3.33% escalation rate. A security deposit of $253,827.68 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 365 days' prior notice. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Garcia Ltd 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 Evans Inc LLC. Late payments of rent will accrue interest at a rate of 16.0% 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-2023-9386",
  "parties": {
    "lessor_details": {
      "name": "Evans Inc LLC",
      "entity_type": "LLC",
      "address": "017 Sanders Spurs Suite 042\nGabrielbury, KY 90993"
    },
    "lessee_details": {
      "name": "Garcia Ltd",
      "entity_type": "S-Corp",
      "address": "711 Prince Ranch\nIsabelton, VI 66046"
    }
  },
  "property_details": {
    "address": "43035 Clark Park\nNew Chrisport, VI 54366",
    "property_type": "Retail",
    "lease_area_description": "Partial suite 14 in Building 4",
    "square_footage_sqft": 34605
  },
  "lease_terms": {
    "effective_date": "2023-08-26",
    "commencement_date": "2023-09-23",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 365
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 126913.84,
      "annual_escalation_rate_percent": 3.33,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (14.59%)",
        "estimated_monthly_amount_usd": 19037.08
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (24.53%)",
        "estimated_monthly_amount_usd": 12691.38
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 253827.68,
    "late_payment_interest_rate_percent": 16.0
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Utah",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Evans Inc LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Evans Inc LLC",
        "Nelson PLC Mortgage Corp."
      ]
    }
  ]
}