<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-2023-4932
Status: Executed
Governing Jurisdiction: Wisconsin

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Carlson Group Properties, and the Tenant, Martinez 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 2023-09-07.

The subject of this lease concerns the Partial floor 40 in Building 5 at the property located at 830 Rebecca Ville
South Rebeccafurt, NM 02728. This Retail facility consists of approximately 8291 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2023-09-09, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $26,448.29. This figure is scheduled for an annual increase based on a 2.61% escalation rate. A security deposit of $52,896.58 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 requires Landlord's explicit consent.

Per section 10.1, Martinez Inc 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 Carlson Group Properties. Late payments of rent will accrue interest at a rate of 18.0% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 90 days' notice and involves a penalty structured as 8 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-2023-4932",
  "parties": {
    "lessor_details": {
      "name": "Carlson Group Properties",
      "entity_type": "Corporation",
      "address": "188 Russell Place\nHaroldtown, LA 96138"
    },
    "lessee_details": {
      "name": "Martinez Inc",
      "entity_type": "Corporation",
      "address": "145 Macias Row Apt. 913\nSouth Amanda, TN 36298"
    }
  },
  "property_details": {
    "address": "830 Rebecca Ville\nSouth Rebeccafurt, NM 02728",
    "property_type": "Retail",
    "lease_area_description": "Partial floor 40 in Building 5",
    "square_footage_sqft": 8291
  },
  "lease_terms": {
    "effective_date": "2023-09-07",
    "commencement_date": "2023-09-09",
    "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
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "8 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 26448.29,
      "annual_escalation_rate_percent": 2.61,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (9.55%)",
        "estimated_monthly_amount_usd": 3967.24
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (22.81%)",
        "estimated_monthly_amount_usd": 2644.83
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 52896.58,
    "late_payment_interest_rate_percent": 18.0
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Wisconsin",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Carlson Group Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Carlson Group Properties",
        "Gray, Roberts and Francis Mortgage Corp."
      ]
    }
  ]
}