<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-2024-8928
Status: Amended
Governing Jurisdiction: Colorado

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Reed, Jenkins and Garcia Properties, and the Tenant, Thompson, Medina and Camacho. 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 2024-04-17.

The subject of this lease concerns the Partial unit 10A in Building 3 at the property located at 6595 Miles Mountain
West Victoriamouth, NC 47795. This Office facility consists of approximately 9853 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-20, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $37,219.71. This figure is scheduled for an annual increase based on a 2.65% escalation rate. A security deposit of $74,439.42 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 90 days' prior notice. During any such renewal, the rent will be adjusted according to Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Thompson, Medina and Camacho 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 Reed, Jenkins and Garcia Properties. Late payments of rent will accrue interest at a rate of 14.9% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 90 days' notice and involves a penalty structured as 8 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-2024-8928",
  "parties": {
    "lessor_details": {
      "name": "Reed, Jenkins and Garcia Properties",
      "entity_type": "LLC",
      "address": "30728 Sean Well\nLake Angela, PR 77767"
    },
    "lessee_details": {
      "name": "Thompson, Medina and Camacho",
      "entity_type": "Corporation",
      "address": "2989 Jonathan Forest\nLake Lynn, NY 19168"
    }
  },
  "property_details": {
    "address": "6595 Miles Mountain\nWest Victoriamouth, NC 47795",
    "property_type": "Office",
    "lease_area_description": "Partial unit 10A in Building 3",
    "square_footage_sqft": 9853
  },
  "lease_terms": {
    "effective_date": "2024-04-17",
    "commencement_date": "2024-05-20",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "8 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 37219.71,
      "annual_escalation_rate_percent": 2.65,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (20.45%)",
        "estimated_monthly_amount_usd": 5582.96
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (14.64%)",
        "estimated_monthly_amount_usd": 3721.97
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 74439.42,
    "late_payment_interest_rate_percent": 14.9
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Colorado",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Reed, Jenkins and Garcia Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Reed, Jenkins and Garcia Properties",
        "Jones, Hall and Phillips Mortgage Corp."
      ]
    }
  ]
}