<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-2023-8032
Status: Under Review
Governing Jurisdiction: Michigan

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Garcia, Huerta and Smith Holdings, and the Tenant, Wolfe-Ramirez. 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 2023-09-29.

The subject of this lease concerns the Entire floor 14 in Building 2 at the property located at 496 Maria Harbors
Dennisshire, AZ 05224. This Warehouse facility consists of approximately 2672 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-26, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $6,101.07. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $6,101.07 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 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, Wolfe-Ramirez 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 Garcia, Huerta and Smith Holdings. Late payments of rent will accrue interest at a rate of 13.8% 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-2023-8032",
  "parties": {
    "lessor_details": {
      "name": "Garcia, Huerta and Smith Holdings",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Wolfe-Ramirez",
      "entity_type": "Corporation",
      "address": "4178 Justin Greens Suite 661\nHayesmouth, WA 06828"
    }
  },
  "property_details": {
    "address": "496 Maria Harbors\nDennisshire, AZ 05224",
    "property_type": "Warehouse",
    "lease_area_description": "Entire floor 14 in Building 2",
    "square_footage_sqft": 2672
  },
  "lease_terms": {
    "effective_date": "2023-09-29",
    "commencement_date": "2023-12-26",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 6101.07,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (7.16%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (22.60%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 6101.07,
    "late_payment_interest_rate_percent": 13.8
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Michigan",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Garcia, Huerta and Smith Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Garcia, Huerta and Smith Holdings",
        "Morrow and Sons Mortgage Corp."
      ]
    }
  ]
}