<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-2024-3936
Status: Under Review
Governing Jurisdiction: North Dakota

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Jarvis Ltd Properties, and the Tenant, Silva-Castro. 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 2024-03-26.

The subject of this lease concerns the Partial floor 34 in Building 9 at the property located at 796 Gonzales Springs Suite 757
Eddieburgh, GA 11908. This Industrial facility consists of approximately 14416 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-16, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $46,695.83. This figure is scheduled for an annual increase based on a 3.48% escalation rate. A security deposit of $93,391.66 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 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 requires Landlord's explicit consent.

Per section 10.1, Silva-Castro 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 Jarvis Ltd Properties. Note the existence of a Co-tenancy Failure clause, which can be triggered with 60 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-2024-3936",
  "parties": {
    "lessor_details": {
      "name": "Jarvis Ltd Properties",
      "entity_type": "Limited Partnership",
      "address": "46136 Patrick Mountains\nChristopherbury, DC 44791"
    },
    "lessee_details": {
      "name": "Silva-Castro",
      "entity_type": "LLC",
      "address": "817 Lee Fort\nRichardberg, WY 17091"
    }
  },
  "property_details": {
    "address": "796 Gonzales Springs Suite 757\nEddieburgh, GA 11908",
    "property_type": "Industrial",
    "lease_area_description": "Partial floor 34 in Building 9",
    "square_footage_sqft": 14416
  },
  "lease_terms": {
    "effective_date": "2024-03-26",
    "commencement_date": "2024-05-16",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 46695.83,
      "annual_escalation_rate_percent": 3.48,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (5.80%)",
        "estimated_monthly_amount_usd": 7004.37
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (15.41%)",
        "estimated_monthly_amount_usd": 4669.58
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 93391.66
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "North Dakota",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Jarvis Ltd Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Jarvis Ltd Properties",
        "Hunter Group Mortgage Corp."
      ]
    }
  ]
}