<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-2024-1437
Status: Amended
Governing Jurisdiction: Georgia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Paul and Sons Inc., and the Tenant, Davidson-Ward. 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 2024-01-13.

The subject of this lease concerns the Entire unit 34 in Building 5 at the property located at 61747 Susan Flats
Guzmantown, PR 32967. This Warehouse facility consists of approximately 45841 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-17, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $105,281.50. This figure is scheduled for an annual increase based on a 1.81% escalation rate. A security deposit of $105,281.50 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 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 10.9% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 60 days' notice and involves a penalty structured as 8 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-2024-1437",
  "parties": {
    "lessor_details": {
      "name": "Paul and Sons Inc.",
      "entity_type": "Corporation",
      "address": "Unit 4272 Box 9917\nDPO AP 63336"
    },
    "lessee_details": {
      "name": "Davidson-Ward",
      "entity_type": "LLC",
      "address": "527 Julia Dam Suite 145\nPort Billy, WA 37117"
    }
  },
  "property_details": {
    "address": "61747 Susan Flats\nGuzmantown, PR 32967",
    "property_type": "Warehouse",
    "lease_area_description": "Entire unit 34 in Building 5",
    "square_footage_sqft": 45841
  },
  "lease_terms": {
    "effective_date": "2024-01-13",
    "commencement_date": "2024-01-17",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value"
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "8 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 105281.5,
      "annual_escalation_rate_percent": 1.81,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (23.38%)",
        "estimated_monthly_amount_usd": 15792.22
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (10.73%)",
        "estimated_monthly_amount_usd": 10528.15
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 105281.5,
    "late_payment_interest_rate_percent": 10.9
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Georgia",
  "document_status": "Amended"
}