<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-2023-6401
Status: Executed
Governing Jurisdiction: Arkansas

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Davis, Robles and Short Ventures, and the Tenant, Alvarado, Ortega and Lopez. 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 2023-12-09.

The subject of this lease concerns the Partial unit 23 in Building 9 at the property located at 878 Gabriela Parkways Suite 171
Roblesmouth, NV 39549. This Office facility consists of approximately 29933 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-13, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $95,985.15. This figure is scheduled for an annual increase based on a 3.66% escalation rate. A security deposit of $95,985.15 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 180 days' prior notice. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Alvarado, Ortega and Lopez 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 Davis, Robles and Short Ventures. Note the existence of a Landlord Recapture Right clause, which can be triggered with 60 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-2023-6401",
  "parties": {
    "lessor_details": {
      "name": "Davis, Robles and Short Ventures",
      "entity_type": "LLC",
      "address": "775 Samuel Plaza\nFieldston, KY 04508"
    },
    "lessee_details": {
      "name": "Alvarado, Ortega and Lopez",
      "entity_type": "Corporation",
      "address": "848 Daniel Burg\nLake David, AK 24074"
    }
  },
  "property_details": {
    "address": "878 Gabriela Parkways Suite 171\nRoblesmouth, NV 39549",
    "property_type": "Office",
    "lease_area_description": "Partial unit 23 in Building 9",
    "square_footage_sqft": 29933
  },
  "lease_terms": {
    "effective_date": "2023-12-09",
    "commencement_date": "2024-01-13",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "8 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 95985.15,
      "annual_escalation_rate_percent": 3.66,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (6.07%)",
        "estimated_monthly_amount_usd": 14397.77
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (12.68%)",
        "estimated_monthly_amount_usd": 9598.52
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 95985.15
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Arkansas",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Davis, Robles and Short Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Davis, Robles and Short Ventures",
        "Franco-Gamble Mortgage Corp."
      ]
    }
  ]
}