<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-2024-3440
Status: Executed
Governing Jurisdiction: Montana

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Chen-Armstrong LLC, and the Tenant, Herrera, Watson and Matthews. 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 2024-08-06.

The subject of this lease concerns the Entire floor 6B in Building 8 at the property located at 785 Figueroa Stream
Jasminetown, CO 46139. This Industrial facility consists of approximately 48182 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-09-22, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $147,155.86. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $294,311.72 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 365 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, Herrera, Watson and Matthews 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 Chen-Armstrong LLC. Late payments of rent will accrue interest at a rate of 11.3% 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-2024-3440",
  "parties": {
    "lessor_details": {
      "name": "Chen-Armstrong LLC",
      "entity_type": "LLC",
      "address": "756 Smith Viaduct\nMillerview, OK 74315"
    },
    "lessee_details": {
      "name": "Herrera, Watson and Matthews",
      "entity_type": "LLC",
      "address": "234 Hudson Canyon\nNew Todd, ID 42951"
    }
  },
  "property_details": {
    "address": "785 Figueroa Stream\nJasminetown, CO 46139",
    "property_type": "Industrial",
    "lease_area_description": "Entire floor 6B in Building 8",
    "square_footage_sqft": 48182
  },
  "lease_terms": {
    "effective_date": "2024-08-06",
    "commencement_date": "2024-09-22",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 365
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 147155.86,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (18.41%)",
        "estimated_monthly_amount_usd": 22073.38
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (20.95%)",
        "estimated_monthly_amount_usd": 14715.59
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 294311.72,
    "late_payment_interest_rate_percent": 11.3
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Montana",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Chen-Armstrong LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Chen-Armstrong LLC",
        "Simmons-Evans Mortgage Corp."
      ]
    }
  ]
}