<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-2023-5576
Status: Executed
Governing Jurisdiction: Pennsylvania

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Flores, Jordan and Contreras Properties, and the Tenant, Moreno PLC. 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 2023-10-12.

The subject of this lease concerns the Entire unit 3B in Building 3 at the property located at 6275 Courtney Bypass Apt. 666
South Kimberly, NY 21098. This Warehouse facility consists of approximately 30426 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2023-10-12, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $105,755.71. This figure is scheduled for an annual increase based on a 2.79% escalation rate. A security deposit of $211,511.42 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months. During any such renewal, the rent will be adjusted according to Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Moreno PLC 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 Flores, Jordan and Contreras Properties. Late payments of rent will accrue interest at a rate of 8.1% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 180 days' notice and involves a penalty structured as 5 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-2023-5576",
  "parties": {
    "lessor_details": {
      "name": "Flores, Jordan and Contreras Properties",
      "entity_type": "LLC",
      "address": "505 Kaufman Route\nSarahhaven, NC 67225"
    },
    "lessee_details": {
      "name": "Moreno PLC",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "6275 Courtney Bypass Apt. 666\nSouth Kimberly, NY 21098",
    "property_type": "Warehouse",
    "lease_area_description": "Entire unit 3B in Building 3",
    "square_footage_sqft": 30426
  },
  "lease_terms": {
    "effective_date": "2023-10-12",
    "commencement_date": "2023-10-12",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "8 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 105755.71,
      "annual_escalation_rate_percent": 2.79,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (12.07%)",
        "estimated_monthly_amount_usd": 15863.36
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (24.57%)",
        "estimated_monthly_amount_usd": 10575.57
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 211511.42,
    "late_payment_interest_rate_percent": 8.1
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Pennsylvania",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Flores, Jordan and Contreras Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Flores, Jordan and Contreras Properties",
        "Jackson and Sons Mortgage Corp."
      ]
    }
  ]
}