<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-2024-1311
Status: Under Review
Governing Jurisdiction: New Hampshire

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Avery, Cain and Pierce Ventures, and the Tenant, Rodriguez-Gutierrez. 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 2024-03-09.

The subject of this lease concerns the Entire suite 33A in Building 6 at the property located at 887 Jennifer Shoal Apt. 479
South Maria, GU 68218. This Mixed-Use facility consists of approximately 7156 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-30, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $25,373.98. This figure is scheduled for an annual increase based on a 3.5% escalation rate. A security deposit of $25,373.98 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Rodriguez-Gutierrez 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 Avery, Cain and Pierce Ventures. Late payments of rent will accrue interest at a rate of 10.0% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 60 days' notice and involves a penalty structured as 6 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-2024-1311",
  "parties": {
    "lessor_details": {
      "name": "Avery, Cain and Pierce Ventures",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Rodriguez-Gutierrez",
      "entity_type": "Corporation",
      "address": "4149 Christina Walks\nDanielsport, GA 57962"
    }
  },
  "property_details": {
    "address": "887 Jennifer Shoal Apt. 479\nSouth Maria, GU 68218",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire suite 33A in Building 6",
    "square_footage_sqft": 7156
  },
  "lease_terms": {
    "effective_date": "2024-03-09",
    "commencement_date": "2024-05-30",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "6 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 25373.98,
      "annual_escalation_rate_percent": 3.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (9.76%)",
        "estimated_monthly_amount_usd": 3806.1
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (13.96%)",
        "estimated_monthly_amount_usd": 2537.4
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 25373.98,
    "late_payment_interest_rate_percent": 10.0
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "New Hampshire",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Avery, Cain and Pierce Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Avery, Cain and Pierce Ventures",
        "Spence-Thomas Mortgage Corp."
      ]
    }
  ]
}