<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-2023-5135
Status: Amended
Governing Jurisdiction: Texas

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Costa, Sandoval and Alvarado Inc., and the Tenant, Li, Phillips and Fisher. 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 2023-09-09.

The subject of this lease concerns the Partial floor 12B in Building 9 at the property located at 08762 Russell Mill
Lake Katherine, PA 43555. This Warehouse facility consists of approximately 31065 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-10-09, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $70,517.55. This figure is scheduled for an annual increase based on a 1.63% escalation rate. A security deposit of $70,517.55 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 CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Li, Phillips and Fisher 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 Costa, Sandoval and Alvarado Inc.. Late payments of rent will accrue interest at a rate of 7.8% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 180 days' notice and involves a penalty structured as 3 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-2023-5135",
  "parties": {
    "lessor_details": {
      "name": "Costa, Sandoval and Alvarado Inc.",
      "entity_type": "Corporation",
      "address": "04613 Harris Run\nNew Melissaberg, OR 75657"
    },
    "lessee_details": {
      "name": "Li, Phillips and Fisher",
      "entity_type": "S-Corp",
      "address": "66120 Everett Lights Apt. 314\nNorth Briantown, FM 08389"
    }
  },
  "property_details": {
    "address": "08762 Russell Mill\nLake Katherine, PA 43555",
    "property_type": "Warehouse",
    "lease_area_description": "Partial floor 12B in Building 9",
    "square_footage_sqft": 31065
  },
  "lease_terms": {
    "effective_date": "2023-09-09",
    "commencement_date": "2023-10-09",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 70517.55,
      "annual_escalation_rate_percent": 1.63,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (12.66%)",
        "estimated_monthly_amount_usd": 10577.63
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (11.48%)",
        "estimated_monthly_amount_usd": 7051.76
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 70517.55,
    "late_payment_interest_rate_percent": 7.8
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Texas",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Costa, Sandoval and Alvarado Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Costa, Sandoval and Alvarado Inc.",
        "Butler-Bishop Mortgage Corp."
      ]
    }
  ]
}