<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-2023-5342
Status: Under Review
Governing Jurisdiction: Florida

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Adams, Carrillo and Oconnor Properties, and the Tenant, Guerrero-Lopez. 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 2023-11-13.

The subject of this lease concerns the Entire floor 33B in Building 1 at the property located at 962 David Village Apt. 105
Port Brendamouth, PW 52437. This Industrial facility consists of approximately 13228 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-13, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $46,772.00. This figure is scheduled for an annual increase based on a 1.72% escalation rate. A security deposit of $93,544.00 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 Fair Market Value. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Guerrero-Lopez 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 Adams, Carrillo and Oconnor Properties. Late payments of rent will accrue interest at a rate of 13.4% 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-2023-5342",
  "parties": {
    "lessor_details": {
      "name": "Adams, Carrillo and Oconnor Properties",
      "entity_type": "Limited Partnership",
      "address": "105 Heather Greens\nPort Williamtown, KY 51462"
    },
    "lessee_details": {
      "name": "Guerrero-Lopez",
      "entity_type": "Corporation"
    }
  },
  "property_details": {
    "address": "962 David Village Apt. 105\nPort Brendamouth, PW 52437",
    "property_type": "Industrial",
    "lease_area_description": "Entire floor 33B in Building 1",
    "square_footage_sqft": 13228
  },
  "lease_terms": {
    "effective_date": "2023-11-13",
    "commencement_date": "2024-01-13",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 46772.0,
      "annual_escalation_rate_percent": 1.72,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (10.50%)",
        "estimated_monthly_amount_usd": 7015.8
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (24.66%)",
        "estimated_monthly_amount_usd": 4677.2
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 93544.0,
    "late_payment_interest_rate_percent": 13.4
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Florida",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Adams, Carrillo and Oconnor Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Adams, Carrillo and Oconnor Properties",
        "Knight-Ford Mortgage Corp."
      ]
    }
  ]
}