<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-2024-9956
Status: Draft
Governing Jurisdiction: West Virginia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Park and Sons Inc., and the Tenant, Logan, Obrien and Kennedy. 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 2024-01-22.

The subject of this lease concerns the Partial floor 30A in Building 2 at the property located at 534 Jamie Pine
Riveraport, UT 58407. This Retail facility consists of approximately 34887 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-02-06, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $77,885.23. This figure is scheduled for an annual increase based on a 2.83% escalation rate. A security deposit of $155,770.46 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 270 days' prior notice. During any such renewal, the rent will be adjusted according to Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises is permitted subject to standard conditions.

Late payments of rent will accrue interest at a rate of 6.3% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 60 days' notice and involves a penalty structured as 12 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-2024-9956",
  "parties": {
    "lessor_details": {
      "name": "Park and Sons Inc.",
      "entity_type": "Corporation",
      "address": "5106 James Pass Apt. 968\nEast Rhonda, AK 52954"
    },
    "lessee_details": {
      "name": "Logan, Obrien and Kennedy",
      "entity_type": "Corporation",
      "address": "769 Harvey Lodge Suite 757\nLake Kimberlyshire, MD 72337"
    }
  },
  "property_details": {
    "address": "534 Jamie Pine\nRiveraport, UT 58407",
    "property_type": "Retail",
    "lease_area_description": "Partial floor 30A in Building 2",
    "square_footage_sqft": 34887
  },
  "lease_terms": {
    "effective_date": "2024-01-22",
    "commencement_date": "2024-02-06",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "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": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 77885.23,
      "annual_escalation_rate_percent": 2.83,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.59%)",
        "estimated_monthly_amount_usd": 11682.78
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (21.79%)",
        "estimated_monthly_amount_usd": 7788.52
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 155770.46,
    "late_payment_interest_rate_percent": 6.3
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "West Virginia",
  "document_status": "Draft"
}