<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-2024-6613
Status: Draft
Governing Jurisdiction: Pennsylvania

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Daniels Inc Ventures, and the Tenant, Ramirez, Stephens and Daniel. 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 2024-01-21.

The subject of this lease concerns the Entire floor 32A in Building 7 at the property located at 206 Warner Shore Apt. 271
Marquezmouth, NC 79124. This Warehouse facility consists of approximately 20552 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-31, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $44,272.43. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $88,544.86 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 180 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, Ramirez, Stephens and Daniel 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 Daniels Inc Ventures. Late payments of rent will accrue interest at a rate of 8.9% 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 10 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-2024-6613",
  "parties": {
    "lessor_details": {
      "name": "Daniels Inc Ventures",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Ramirez, Stephens and Daniel",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "206 Warner Shore Apt. 271\nMarquezmouth, NC 79124",
    "property_type": "Warehouse",
    "lease_area_description": "Entire floor 32A in Building 7",
    "square_footage_sqft": 20552
  },
  "lease_terms": {
    "effective_date": "2024-01-21",
    "commencement_date": "2024-03-31",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 180
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 44272.43,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.72%)",
        "estimated_monthly_amount_usd": 6640.86
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (22.69%)",
        "estimated_monthly_amount_usd": 4427.24
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 88544.86,
    "late_payment_interest_rate_percent": 8.9
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Pennsylvania",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Daniels Inc Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Daniels Inc Ventures",
        "Flores PLC Mortgage Corp."
      ]
    }
  ]
}