<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-2024-2785
Status: Under Review
Governing Jurisdiction: Maine

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Martinez-Martinez LLC, and the Tenant, Myers, Taylor and Gonzalez. 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 2024-07-29.

The subject of this lease concerns the Partial suite 16B in Building 2 at the property located at 864 Joseph Oval Apt. 276
West Douglaschester, FM 33640. This Mixed-Use 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 2024-09-26, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $93,570.72. This figure is scheduled for an annual increase based on a 2.25% escalation rate. A security deposit of $93,570.72 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.

Late payments of rent will accrue interest at a rate of 10.9% 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-2024-2785",
  "parties": {
    "lessor_details": {
      "name": "Martinez-Martinez LLC",
      "entity_type": "LLC",
      "address": "4029 Amy Plain\nMeganchester, ME 29977"
    },
    "lessee_details": {
      "name": "Myers, Taylor and Gonzalez",
      "entity_type": "LLC",
      "address": "2149 Tara Lane\nSheppardburgh, VT 03447"
    }
  },
  "property_details": {
    "address": "864 Joseph Oval Apt. 276\nWest Douglaschester, FM 33640",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial suite 16B in Building 2"
  },
  "lease_terms": {
    "effective_date": "2024-07-29",
    "commencement_date": "2024-09-26",
    "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": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 93570.72,
      "annual_escalation_rate_percent": 2.25,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (20.12%)",
        "estimated_monthly_amount_usd": 14035.61
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (8.64%)",
        "estimated_monthly_amount_usd": 9357.07
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 93570.72,
    "late_payment_interest_rate_percent": 10.9
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Maine",
  "document_status": "Under Review"
}