<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-2024-8501
Status: Amended
Governing Jurisdiction: West Virginia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Gonzalez-Fields Ventures, and the Tenant, Olson, Terry and Richardson. 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 2024-02-09.

The subject of this lease concerns the Partial floor 1B in Building 10 at the property located at 37331 Olson Ramp
Bradleyfurt, CT 05077. This Industrial facility consists of approximately 6825 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-12, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $20,031.38. This figure is scheduled for an annual increase based on a 3.69% escalation rate. A security deposit of $40,062.76 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 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.

Late payments of rent will accrue interest at a rate of 11.8% 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-2024-8501",
  "parties": {
    "lessor_details": {
      "name": "Gonzalez-Fields Ventures",
      "entity_type": "LLC",
      "address": "802 Lopez Mountain Suite 566\nSouth Jessica, NH 52007"
    },
    "lessee_details": {
      "name": "Olson, Terry and Richardson",
      "entity_type": "LLC",
      "address": "7992 William Mount\nPetertown, IA 08426"
    }
  },
  "property_details": {
    "address": "37331 Olson Ramp\nBradleyfurt, CT 05077",
    "property_type": "Industrial",
    "lease_area_description": "Partial floor 1B in Building 10",
    "square_footage_sqft": 6825
  },
  "lease_terms": {
    "effective_date": "2024-02-09",
    "commencement_date": "2024-03-12",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 20031.38,
      "annual_escalation_rate_percent": 3.69,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (9.06%)",
        "estimated_monthly_amount_usd": 3004.71
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (7.89%)",
        "estimated_monthly_amount_usd": 2003.14
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 40062.76,
    "late_payment_interest_rate_percent": 11.8
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "West Virginia",
  "document_status": "Amended"
}