<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-2024-8694
Status: Draft
Governing Jurisdiction: West Virginia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Jimenez, Morris and Fuentes Ventures, and the Tenant, Garza-Johnson. 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 2024-04-22.

The subject of this lease concerns the Entire unit 11 in Building 3 at the property located at 951 Christopher Bridge Suite 175
Greenmouth, TX 21378. This Retail facility consists of approximately 7840 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-07-13, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $16,823.33. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $16,823.33 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, Garza-Johnson 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 Jimenez, Morris and Fuentes Ventures. Late payments of rent will accrue interest at a rate of 16.8% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 180 days' notice and involves a penalty structured as 12 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-2024-8694",
  "parties": {
    "lessor_details": {
      "name": "Jimenez, Morris and Fuentes Ventures",
      "entity_type": "Limited Partnership",
      "address": "09521 Watkins Crest\nNew Amy, MP 16088"
    },
    "lessee_details": {
      "name": "Garza-Johnson",
      "entity_type": "Corporation"
    }
  },
  "property_details": {
    "address": "951 Christopher Bridge Suite 175\nGreenmouth, TX 21378",
    "property_type": "Retail",
    "lease_area_description": "Entire unit 11 in Building 3",
    "square_footage_sqft": 7840
  },
  "lease_terms": {
    "effective_date": "2024-04-22",
    "commencement_date": "2024-07-13",
    "initial_term_months": 120,
    "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": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "6 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 16823.33,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (25.0%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (12.22%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 16823.33,
    "late_payment_interest_rate_percent": 16.8
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "West Virginia",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Jimenez, Morris and Fuentes Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Jimenez, Morris and Fuentes Ventures",
        "Sanchez, Vargas and Miller Mortgage Corp."
      ]
    }
  ]
}