<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-2024-2838
Status: Draft
Governing Jurisdiction: California

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Vargas and Sons Properties, and the Tenant, Barrett-Mack. 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 2024-06-15.

The subject of this lease concerns the Entire suite 30B in Building 10 at the property located at Unit 5057 Box 1494
DPO AE 08858. This Warehouse facility consists of the specified area and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-08-28, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $96,305.96. This figure is scheduled for an annual increase based on a 3.39% escalation rate. A security deposit of $192,611.92 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 270 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, Barrett-Mack 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 Vargas and Sons Properties. 

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-2024-2838",
  "parties": {
    "lessor_details": {
      "name": "Vargas and Sons Properties",
      "entity_type": "Corporation",
      "address": "60400 Richardson Mountain\nBryantview, ND 85271"
    },
    "lessee_details": {
      "name": "Barrett-Mack",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "Unit 5057 Box 1494\nDPO AE 08858",
    "property_type": "Warehouse",
    "lease_area_description": "Entire suite 30B in Building 10"
  },
  "lease_terms": {
    "effective_date": "2024-06-15",
    "commencement_date": "2024-08-28",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 96305.96,
      "annual_escalation_rate_percent": 3.39,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (6.26%)",
        "estimated_monthly_amount_usd": 14445.89
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (22.54%)",
        "estimated_monthly_amount_usd": 9630.6
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 192611.92
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "California",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Vargas and Sons Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Vargas and Sons Properties",
        "Gutierrez, Boyd and Taylor Mortgage Corp."
      ]
    }
  ]
}