<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-2024-5272
Status: Under Review
Governing Jurisdiction: New Jersey

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Shelton-Gonzales Inc., and the Tenant, George, Flores and Terry. 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 2024-07-18.

The subject of this lease concerns the Entire floor 41 in Building 6 at the property located at 36671 Murphy Pine Apt. 429
Lake Christine, AK 32897. This Mixed-Use facility consists of approximately 41490 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-09-16, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $134,807.93. This figure is scheduled for an annual increase based on a 3.97% escalation rate. A security deposit of $134,807.93 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 Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, George, Flores and Terry 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 Shelton-Gonzales Inc.. Note the existence of a Co-tenancy Failure clause, which can be triggered with 90 days' notice and involves a penalty structured as 7 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-2024-5272",
  "parties": {
    "lessor_details": {
      "name": "Shelton-Gonzales Inc.",
      "entity_type": "Limited Partnership",
      "address": "0656 Hickman Extension Suite 821\nBaldwinbury, VT 43723"
    },
    "lessee_details": {
      "name": "George, Flores and Terry",
      "entity_type": "Corporation",
      "address": "04266 Baker Gardens Apt. 968\nErinbury, GA 29030"
    }
  },
  "property_details": {
    "address": "36671 Murphy Pine Apt. 429\nLake Christine, AK 32897",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire floor 41 in Building 6",
    "square_footage_sqft": 41490
  },
  "lease_terms": {
    "effective_date": "2024-07-18",
    "commencement_date": "2024-09-16",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "4 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 134807.93,
      "annual_escalation_rate_percent": 3.97,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (24.44%)",
        "estimated_monthly_amount_usd": 20221.19
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (15.09%)",
        "estimated_monthly_amount_usd": 13480.79
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 134807.93
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "New Jersey",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Shelton-Gonzales Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Shelton-Gonzales Inc.",
        "Rice Group Mortgage Corp."
      ]
    }
  ]
}