<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-2023-2924
Status: Under Review
Governing Jurisdiction: Wyoming

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Lopez PLC Properties, and the Tenant, Lopez-Ferguson. 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 2023-08-22.

The subject of this lease concerns the Partial unit 28A in Building 1 at the property located at 113 Nancy Underpass
South Julie, KY 74662. This Retail facility consists of approximately 33082 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2023-09-02, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $157,580.59. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $315,161.18 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 365 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, Lopez-Ferguson 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 Lopez PLC Properties. Late payments of rent will accrue interest at a rate of 9.4% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 90 days' notice and involves a penalty structured as 5 months' rent plus unamortized transaction costs.

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-2023-2924",
  "parties": {
    "lessor_details": {
      "name": "Lopez PLC Properties",
      "entity_type": "Limited Partnership",
      "address": "58073 Emily Ramp Apt. 611\nLaurenside, SC 48831"
    },
    "lessee_details": {
      "name": "Lopez-Ferguson",
      "entity_type": "Corporation",
      "address": "541 Woods Alley Apt. 215\nJohnsonfort, WI 08006"
    }
  },
  "property_details": {
    "address": "113 Nancy Underpass\nSouth Julie, KY 74662",
    "property_type": "Retail",
    "lease_area_description": "Partial unit 28A in Building 1",
    "square_footage_sqft": 33082
  },
  "lease_terms": {
    "effective_date": "2023-08-22",
    "commencement_date": "2023-09-02",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 157580.59,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (23.76%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (11.99%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 315161.18,
    "late_payment_interest_rate_percent": 9.4
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Wyoming",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Lopez PLC Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Lopez PLC Properties",
        "Cooper, Brown and Young Mortgage Corp."
      ]
    }
  ]
}