<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-2023-8400
Status: Under Review
Governing Jurisdiction: Wyoming

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Garcia, Ward and Richardson Inc., and the Tenant, Warner-Lopez. 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 2023-09-07.

The subject of this lease concerns the Partial suite 27A in Building 4 at the property located at 3473 Vasquez Gateway
Lake Jonathan, PW 75010. This Industrial facility consists of the specified area and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2023-10-25, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $58,402.72. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $58,402.72 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 180 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, Warner-Lopez 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 Garcia, Ward and Richardson Inc.. Late payments of rent will accrue interest at a rate of 9.4% 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-2023-8400",
  "parties": {
    "lessor_details": {
      "name": "Garcia, Ward and Richardson Inc.",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Warner-Lopez",
      "entity_type": "Corporation",
      "address": "375 Richard Overpass Apt. 722\nJohnsonchester, KY 42448"
    }
  },
  "property_details": {
    "address": "3473 Vasquez Gateway\nLake Jonathan, PW 75010",
    "property_type": "Industrial",
    "lease_area_description": "Partial suite 27A in Building 4"
  },
  "lease_terms": {
    "effective_date": "2023-09-07",
    "commencement_date": "2023-10-25",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 58402.72,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (24.48%)",
        "estimated_monthly_amount_usd": 8760.41
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (15.39%)",
        "estimated_monthly_amount_usd": 5840.27
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 58402.72,
    "late_payment_interest_rate_percent": 9.4
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Wyoming",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Garcia, Ward and Richardson Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Garcia, Ward and Richardson Inc.",
        "Benitez, Parsons and Stewart Mortgage Corp."
      ]
    }
  ]
}