<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-2024-3332
Status: Under Review
Governing Jurisdiction: New Mexico

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Nunez, Floyd and Rojas Holdings, and the Tenant, Espinoza, Cordova and Meadows. 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 2024-06-10.

The subject of this lease concerns the Entire floor 7B in Building 10 at the property located at 875 Castillo Stravenue
North Davidland, NJ 16978. This Warehouse facility consists of approximately 49513 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-08-25, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $240,385.61. This figure is scheduled for an annual increase based on a 2.93% escalation rate. A security deposit of $240,385.61 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 Fair Market Value. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Espinoza, Cordova and Meadows 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 Nunez, Floyd and Rojas Holdings. 

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-2024-3332",
  "parties": {
    "lessor_details": {
      "name": "Nunez, Floyd and Rojas Holdings",
      "entity_type": "Limited Partnership",
      "address": "35358 Kayla Plaza\nKevinmouth, LA 13767"
    },
    "lessee_details": {
      "name": "Espinoza, Cordova and Meadows",
      "entity_type": "S-Corp",
      "address": "867 David Turnpike Suite 654\nStantonstad, RI 39949"
    }
  },
  "property_details": {
    "address": "875 Castillo Stravenue\nNorth Davidland, NJ 16978",
    "property_type": "Warehouse",
    "lease_area_description": "Entire floor 7B in Building 10",
    "square_footage_sqft": 49513
  },
  "lease_terms": {
    "effective_date": "2024-06-10",
    "commencement_date": "2024-08-25",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 180
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 240385.61,
      "annual_escalation_rate_percent": 2.93,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (10.09%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (25.0%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 240385.61
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "New Mexico",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Nunez, Floyd and Rojas Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Nunez, Floyd and Rojas Holdings",
        "Stuart, Robinson and Peck Mortgage Corp."
      ]
    }
  ]
}