<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-2024-3487
Status: Executed
Governing Jurisdiction: New Mexico

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Elliott-Olson Ventures, and the Tenant, Delacruz-Pratt. 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 2024-02-08.

The subject of this lease concerns the Partial suite 4 in Building 9 at the property located at 7069 Hardy Roads Apt. 520
Meganchester, RI 44818. 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 2024-03-26, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $64,524.00. This figure is scheduled for an annual increase based on a 3.78% escalation rate. A security deposit of $129,048.00 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 90 days' prior notice. During any such renewal, the rent will be adjusted according to CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Delacruz-Pratt is required to maintain, at minimum, a Commercial General Liability policy of $1,000,000. The certificate of insurance must name all parties as stipulated, including Elliott-Olson Ventures. Late payments of rent will accrue interest at a rate of 10.7% 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-2024-3487",
  "parties": {
    "lessor_details": {
      "name": "Elliott-Olson Ventures",
      "entity_type": "LLC",
      "address": "70949 Lacey Cape Apt. 466\nNorth Jennifer, NY 90561"
    },
    "lessee_details": {
      "name": "Delacruz-Pratt",
      "entity_type": "Corporation"
    }
  },
  "property_details": {
    "address": "7069 Hardy Roads Apt. 520\nMeganchester, RI 44818",
    "property_type": "Warehouse",
    "lease_area_description": "Partial suite 4 in Building 9"
  },
  "lease_terms": {
    "effective_date": "2024-02-08",
    "commencement_date": "2024-03-26",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 64524.0,
      "annual_escalation_rate_percent": 3.78,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (15.53%)",
        "estimated_monthly_amount_usd": 9678.6
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (7.38%)",
        "estimated_monthly_amount_usd": 6452.4
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 129048.0,
    "late_payment_interest_rate_percent": 10.7
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "New Mexico",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Elliott-Olson Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Elliott-Olson Ventures",
        "Christensen Inc Mortgage Corp."
      ]
    }
  ]
}