<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-2023-5756
Status: Amended
Governing Jurisdiction: Indiana

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Jones-Thompson Properties, and the Tenant, Villarreal Ltd. 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 2023-09-26.

The subject of this lease concerns the Entire suite 30 in Building 6 at the property located at PSC 8690, Box 2062
APO AA 80655. This Retail facility consists of approximately 43895 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-04, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $202,063.32. This figure is scheduled for an annual increase based on a 2.76% escalation rate. A security deposit of $202,063.32 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 requires Landlord's explicit consent.

Per section 10.1, Villarreal Ltd 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 Jones-Thompson Properties. Late payments of rent will accrue interest at a rate of 9.7% per annum. 

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-2023-5756",
  "parties": {
    "lessor_details": {
      "name": "Jones-Thompson Properties",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Villarreal Ltd",
      "entity_type": "S-Corp",
      "address": "856 Nicole Hill Suite 775\nSharonside, KY 77500"
    }
  },
  "property_details": {
    "address": "PSC 8690, Box 2062\nAPO AA 80655",
    "property_type": "Retail",
    "lease_area_description": "Entire suite 30 in Building 6",
    "square_footage_sqft": 43895
  },
  "lease_terms": {
    "effective_date": "2023-09-26",
    "commencement_date": "2023-12-04",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 202063.32,
      "annual_escalation_rate_percent": 2.76,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (5.48%)",
        "estimated_monthly_amount_usd": 30309.5
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (18.08%)",
        "estimated_monthly_amount_usd": 20206.33
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 202063.32,
    "late_payment_interest_rate_percent": 9.7
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Indiana",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Jones-Thompson Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Jones-Thompson Properties",
        "Porter, Miller and Landry Mortgage Corp."
      ]
    }
  ]
}