<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-2024-9439
Status: Draft
Governing Jurisdiction: Florida

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Byrd, Jenkins and Black Holdings, and the Tenant, Powers-Mendoza. 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 2024-07-31.

The subject of this lease concerns the Partial floor 34A in Building 3 at the property located at 5315 Kim Corners
Booneburgh, IN 37554. This Retail facility consists of the specified area and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-08-17, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $18,013.30. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $18,013.30 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 270 days' prior notice. During any such renewal, the rent will be adjusted according to Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Powers-Mendoza is required to maintain, at minimum, a Commercial General Liability policy of $5,000,000. The certificate of insurance must name all parties as stipulated, including Byrd, Jenkins and Black Holdings. Late payments of rent will accrue interest at a rate of 14.4% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 90 days' notice and involves a penalty structured as 3 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-2024-9439",
  "parties": {
    "lessor_details": {
      "name": "Byrd, Jenkins and Black Holdings",
      "entity_type": "Limited Partnership",
      "address": "284 Brown Burg Apt. 444\nEast Timothymouth, MI 11560"
    },
    "lessee_details": {
      "name": "Powers-Mendoza",
      "entity_type": "LLC",
      "address": "822 Morgan Burg\nAndrewshire, AL 28492"
    }
  },
  "property_details": {
    "address": "5315 Kim Corners\nBooneburgh, IN 37554",
    "property_type": "Retail",
    "lease_area_description": "Partial floor 34A in Building 3"
  },
  "lease_terms": {
    "effective_date": "2024-07-31",
    "commencement_date": "2024-08-17",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 18013.3,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.16%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (23.91%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 18013.3,
    "late_payment_interest_rate_percent": 14.4
  },
  "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": 5000000,
      "named_insureds_required": [
        "Byrd, Jenkins and Black Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Byrd, Jenkins and Black Holdings",
        "Lane, Thomas and Estrada Mortgage Corp."
      ]
    }
  ]
}