<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-2024-4201
Status: Amended
Governing Jurisdiction: Michigan

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Martinez, Miranda and Green LLC, and the Tenant, Taylor, Gonzalez and Weaver. 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 2024-05-05.

The subject of this lease concerns the Partial suite 14B in Building 4 at the property located at 97627 Moss Alley Apt. 704
Port Amanda, DE 48944. This Industrial facility consists of approximately 28392 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-07-17, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $113,568.00. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $227,136.00 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 180 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, Taylor, Gonzalez and Weaver is required to maintain, at minimum, a Commercial General Liability policy of $2,000,000. The certificate of insurance must name all parties as stipulated, including Martinez, Miranda and Green LLC. Late payments of rent will accrue interest at a rate of 17.4% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 90 days' notice and involves a penalty structured as 8 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-2024-4201",
  "parties": {
    "lessor_details": {
      "name": "Martinez, Miranda and Green LLC",
      "entity_type": "Corporation",
      "address": "999 Melanie Parkway Apt. 229\nMichaelstad, OH 58552"
    },
    "lessee_details": {
      "name": "Taylor, Gonzalez and Weaver",
      "entity_type": "Corporation",
      "address": "38614 John Lake Suite 283\nBurtonfort, TX 84989"
    }
  },
  "property_details": {
    "address": "97627 Moss Alley Apt. 704\nPort Amanda, DE 48944",
    "property_type": "Industrial",
    "lease_area_description": "Partial suite 14B in Building 4",
    "square_footage_sqft": 28392
  },
  "lease_terms": {
    "effective_date": "2024-05-05",
    "commencement_date": "2024-07-17",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 180
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "8 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 113568.0,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (8.95%)",
        "estimated_monthly_amount_usd": 17035.2
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (16.33%)",
        "estimated_monthly_amount_usd": 11356.8
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 227136.0,
    "late_payment_interest_rate_percent": 17.4
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Michigan",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Martinez, Miranda and Green LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Martinez, Miranda and Green LLC",
        "Barajas-Mosley Mortgage Corp."
      ]
    }
  ]
}