<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-2024-9225
Status: Under Review
Governing Jurisdiction: Minnesota

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Wall, Lowe and Snyder Holdings, and the Tenant, Martinez and Sons. 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 2024-02-18.

The subject of this lease concerns the Partial unit 9B in Building 9 at the property located at 128 Robert Mall Apt. 851
South James, OR 40726. This Warehouse facility consists of approximately 22962 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-03, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $79,946.03. This figure is scheduled for an annual increase based on a 3.64% escalation rate. A security deposit of $79,946.03 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 365 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, Martinez and Sons 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 Wall, Lowe and Snyder Holdings. Late payments of rent will accrue interest at a rate of 8.3% 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-2024-9225",
  "parties": {
    "lessor_details": {
      "name": "Wall, Lowe and Snyder Holdings",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Martinez and Sons",
      "entity_type": "Corporation",
      "address": "7453 Nelson Park Apt. 005\nRodgersshire, LA 29048"
    }
  },
  "property_details": {
    "address": "128 Robert Mall Apt. 851\nSouth James, OR 40726",
    "property_type": "Warehouse",
    "lease_area_description": "Partial unit 9B in Building 9",
    "square_footage_sqft": 22962
  },
  "lease_terms": {
    "effective_date": "2024-02-18",
    "commencement_date": "2024-03-03",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 365
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 79946.03,
      "annual_escalation_rate_percent": 3.64,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (12.12%)",
        "estimated_monthly_amount_usd": 11991.9
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (18.58%)",
        "estimated_monthly_amount_usd": 7994.6
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 79946.03,
    "late_payment_interest_rate_percent": 8.3
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Minnesota",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Wall, Lowe and Snyder Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Wall, Lowe and Snyder Holdings",
        "Benson-Watkins Mortgage Corp."
      ]
    }
  ]
}