<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-2024-5092
Status: Executed
Governing Jurisdiction: Washington

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Liu, Myers and Rowland Holdings, and the Tenant, Flores-Blair. 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 2024-03-19.

The subject of this lease concerns the Partial floor 3 in Building 8 at the property located at 733 Gutierrez Club Apt. 992
Brianfort, NJ 93888. This Office facility consists of the specified area and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-17, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $13,870.76. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $13,870.76 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 90 days' prior notice. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Flores-Blair 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 Liu, Myers and Rowland Holdings. Note the existence of a Landlord Recapture Right clause, which can be triggered with 180 days' notice and involves a penalty structured as 11 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-2024-5092",
  "parties": {
    "lessor_details": {
      "name": "Liu, Myers and Rowland Holdings",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Flores-Blair",
      "entity_type": "S-Corp",
      "address": "62954 Alexander Plains Suite 630\nLake Robert, WY 19042"
    }
  },
  "property_details": {
    "address": "733 Gutierrez Club Apt. 992\nBrianfort, NJ 93888",
    "property_type": "Office",
    "lease_area_description": "Partial floor 3 in Building 8"
  },
  "lease_terms": {
    "effective_date": "2024-03-19",
    "commencement_date": "2024-05-17",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 13870.76,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (22.59%)",
        "estimated_monthly_amount_usd": 2080.61
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (22.00%)",
        "estimated_monthly_amount_usd": 1387.08
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 13870.76
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Washington",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Liu, Myers and Rowland Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Liu, Myers and Rowland Holdings",
        "Smith and Sons Mortgage Corp."
      ]
    }
  ]
}