<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-2024-1078
Status: Under Review
Governing Jurisdiction: New Mexico

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Lambert-Perez Inc., and the Tenant, Howard, Osborne and Lewis. 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 2024-06-26.

The subject of this lease concerns the Partial unit 39B in Building 6 at the property located at 964 Roberts Ridge Apt. 019
Sanderston, SC 12760. This Warehouse facility consists of approximately 47950 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-07-16, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $94,901.04. This figure is scheduled for an annual increase based on a 2.48% escalation rate. A security deposit of $94,901.04 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 90 days' prior notice. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Howard, Osborne and Lewis 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 Lambert-Perez Inc.. Note the existence of a Co-tenancy Failure clause, which can be triggered with 60 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-2024-1078",
  "parties": {
    "lessor_details": {
      "name": "Lambert-Perez Inc.",
      "entity_type": "Corporation",
      "address": "375 Natalie Flat Suite 278\nRamosmouth, DE 84704"
    },
    "lessee_details": {
      "name": "Howard, Osborne and Lewis",
      "entity_type": "Corporation"
    }
  },
  "property_details": {
    "address": "964 Roberts Ridge Apt. 019\nSanderston, SC 12760",
    "property_type": "Warehouse",
    "lease_area_description": "Partial unit 39B in Building 6",
    "square_footage_sqft": 47950
  },
  "lease_terms": {
    "effective_date": "2024-06-26",
    "commencement_date": "2024-07-16",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 94901.04,
      "annual_escalation_rate_percent": 2.48,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.66%)",
        "estimated_monthly_amount_usd": 14235.16
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (22.67%)",
        "estimated_monthly_amount_usd": 9490.1
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 94901.04
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "New Mexico",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Lambert-Perez Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Lambert-Perez Inc.",
        "Hicks, Bolton and Bryant Mortgage Corp."
      ]
    }
  ]
}