<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-2024-6653
Status: Amended
Governing Jurisdiction: Colorado

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Meyer, Martinez and Bush Ventures, and the Tenant, Hogan Inc. 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 2024-01-22.

The subject of this lease concerns the Partial floor 8A in Building 2 at the property located at Unit 7928 Box 9938
DPO AE 30513. This Mixed-Use facility consists of approximately 41842 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-15, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $108,719.46. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $217,438.92 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 270 days' prior notice. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Hogan Inc 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 Meyer, Martinez and Bush Ventures. Late payments of rent will accrue interest at a rate of 12.5% per annum. 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-2024-6653",
  "parties": {
    "lessor_details": {
      "name": "Meyer, Martinez and Bush Ventures",
      "entity_type": "Corporation",
      "address": "3548 William Vista Apt. 142\nEast Caitlinberg, GA 76389"
    },
    "lessee_details": {
      "name": "Hogan Inc",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "Unit 7928 Box 9938\nDPO AE 30513",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial floor 8A in Building 2",
    "square_footage_sqft": 41842
  },
  "lease_terms": {
    "effective_date": "2024-01-22",
    "commencement_date": "2024-03-15",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "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."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 108719.46,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (24.71%)",
        "estimated_monthly_amount_usd": 16307.92
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (7.28%)",
        "estimated_monthly_amount_usd": 10871.95
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 217438.92,
    "late_payment_interest_rate_percent": 12.5
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Colorado",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Meyer, Martinez and Bush Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Meyer, Martinez and Bush Ventures",
        "Williams, James and Jacobson Mortgage Corp."
      ]
    }
  ]
}