<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-2024-4476
Status: Amended
Governing Jurisdiction: New Mexico

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Chen and Sons Holdings, and the Tenant, Hernandez, Horton and Washington. 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 2024-05-16.

The subject of this lease concerns the Entire floor 38 in Building 1 at the property located at 19267 Christopher Common Suite 409
South Jeffrey, UT 14770. This Industrial facility consists of the specified area and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-06-10, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $112,199.97. This figure is scheduled for an annual increase based on a 2.72% escalation rate. A security deposit of $224,399.94 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 270 days' prior notice. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises is permitted subject to standard conditions.

Late payments of rent will accrue interest at a rate of 8.0% per annum. 

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-2024-4476",
  "parties": {
    "lessor_details": {
      "name": "Chen and Sons Holdings",
      "entity_type": "Limited Partnership",
      "address": "1081 Burke Stream Suite 068\nJacobsmouth, MT 40719"
    },
    "lessee_details": {
      "name": "Hernandez, Horton and Washington",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "19267 Christopher Common Suite 409\nSouth Jeffrey, UT 14770",
    "property_type": "Industrial",
    "lease_area_description": "Entire floor 38 in Building 1"
  },
  "lease_terms": {
    "effective_date": "2024-05-16",
    "commencement_date": "2024-06-10",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 112199.97,
      "annual_escalation_rate_percent": 2.72,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (22.41%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (17.12%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 224399.94,
    "late_payment_interest_rate_percent": 8.0
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "New Mexico",
  "document_status": "Amended"
}