<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-2024-9302
Status: Under Review
Governing Jurisdiction: Ohio

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Pacheco, Martinez and Cole Holdings, and the Tenant, Daniels, Moore and Simon. 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 2024-08-09.

The subject of this lease concerns the Partial floor 8 in Building 8 at the property located at 6795 Russell Crossing
Nortonton, MP 25240. This Warehouse facility consists of approximately 38634 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-10-17, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $174,947.63. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $349,895.26 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 CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Daniels, Moore and Simon 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 Pacheco, Martinez and Cole Holdings. Late payments of rent will accrue interest at a rate of 5.1% 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-2024-9302",
  "parties": {
    "lessor_details": {
      "name": "Pacheco, Martinez and Cole Holdings",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Daniels, Moore and Simon",
      "entity_type": "Corporation",
      "address": "7438 Olivia Burg\nWellschester, KY 66029"
    }
  },
  "property_details": {
    "address": "6795 Russell Crossing\nNortonton, MP 25240",
    "property_type": "Warehouse",
    "lease_area_description": "Partial floor 8 in Building 8",
    "square_footage_sqft": 38634
  },
  "lease_terms": {
    "effective_date": "2024-08-09",
    "commencement_date": "2024-10-17",
    "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": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 174947.63,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (15.17%)",
        "estimated_monthly_amount_usd": 26242.14
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (6.43%)",
        "estimated_monthly_amount_usd": 17494.76
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 349895.26,
    "late_payment_interest_rate_percent": 5.1
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Ohio",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Pacheco, Martinez and Cole Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Pacheco, Martinez and Cole Holdings",
        "Newman LLC Mortgage Corp."
      ]
    }
  ]
}