<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-2023-2011
Status: Draft
Governing Jurisdiction: Arkansas

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Ramirez, Adams and Powell LLC, and the Tenant, Lopez, Randall and Caldwell. 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 2023-10-11.

The subject of this lease concerns the Partial unit 28A in Building 6 at the property located at 10715 Susan Wall Apt. 218
Robertland, CO 96965. This Mixed-Use facility consists of approximately 25331 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-03, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $69,069.19. This figure is scheduled for an annual increase based on a 2.24% escalation rate. A security deposit of $138,138.38 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 CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Lopez, Randall and Caldwell is required to maintain, at minimum, a Commercial General Liability policy of $5,000,000. The certificate of insurance must name all parties as stipulated, including Ramirez, Adams and Powell LLC. Note the existence of a Co-tenancy Failure clause, which can be triggered with 60 days' notice and involves a penalty structured as 9 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-2023-2011",
  "parties": {
    "lessor_details": {
      "name": "Ramirez, Adams and Powell LLC",
      "entity_type": "Limited Partnership",
      "address": "2514 Dominique Mill\nWest Sean, MA 20848"
    },
    "lessee_details": {
      "name": "Lopez, Randall and Caldwell",
      "entity_type": "S-Corp",
      "address": "76068 Fields View\nWendyburgh, DC 74661"
    }
  },
  "property_details": {
    "address": "10715 Susan Wall Apt. 218\nRobertland, CO 96965",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial unit 28A in Building 6",
    "square_footage_sqft": 25331
  },
  "lease_terms": {
    "effective_date": "2023-10-11",
    "commencement_date": "2024-01-03",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 180
      },
      {
        "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": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 69069.19,
      "annual_escalation_rate_percent": 2.24,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (15.22%)",
        "estimated_monthly_amount_usd": 10360.38
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (22.95%)",
        "estimated_monthly_amount_usd": 6906.92
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 138138.38
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Arkansas",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Ramirez, Adams and Powell LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Ramirez, Adams and Powell LLC",
        "Jackson, Moss and Herrera Mortgage Corp."
      ]
    }
  ]
}