<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-2024-3550
Status: Draft
Governing Jurisdiction: Wyoming

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Warner, Gonzalez and Simpson Properties, and the Tenant, Martinez, Roberts and Welch. 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 2024-06-22.

The subject of this lease concerns the Partial unit 35 in Building 7 at the property located at 3958 Jackson Creek
Anthonyton, NY 53204. This Industrial facility consists of the specified area and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-09-11, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $35,212.60. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $35,212.60 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 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, Martinez, Roberts and Welch 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 Warner, Gonzalez and Simpson Properties. Late payments of rent will accrue interest at a rate of 10.7% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 180 days' notice and involves a penalty structured as 10 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-2024-3550",
  "parties": {
    "lessor_details": {
      "name": "Warner, Gonzalez and Simpson Properties",
      "entity_type": "LLC",
      "address": "5086 Weaver Shoal\nSouth Davidberg, CA 12902"
    },
    "lessee_details": {
      "name": "Martinez, Roberts and Welch",
      "entity_type": "S-Corp",
      "address": "972 Daniel Court\nNorth Danielstad, MH 73651"
    }
  },
  "property_details": {
    "address": "3958 Jackson Creek\nAnthonyton, NY 53204",
    "property_type": "Industrial",
    "lease_area_description": "Partial unit 35 in Building 7"
  },
  "lease_terms": {
    "effective_date": "2024-06-22",
    "commencement_date": "2024-09-11",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 35212.6,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (19.83%)",
        "estimated_monthly_amount_usd": 5281.89
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (7.85%)",
        "estimated_monthly_amount_usd": 3521.26
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 35212.6,
    "late_payment_interest_rate_percent": 10.7
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Wyoming",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Warner, Gonzalez and Simpson Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Warner, Gonzalez and Simpson Properties",
        "Allen, Griffith and Wilson Mortgage Corp."
      ]
    }
  ]
}