<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-2023-2772
Status: Under Review
Governing Jurisdiction: Wyoming

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Young PLC Ventures, and the Tenant, Clay-Harmon. 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 2023-12-27.

The subject of this lease concerns the Partial unit 31A in Building 4 at the property located at 121 Duane Skyway
West Nicoleburgh, GU 17330. This Retail facility consists of approximately 31267 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-02-26, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $55,629.20. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $55,629.20 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 90 days' prior notice. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises is permitted subject to standard conditions.



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-2023-2772",
  "parties": {
    "lessor_details": {
      "name": "Young PLC Ventures",
      "entity_type": "Limited Partnership",
      "address": "319 Thomas Fords\nSouth Amber, MO 66124"
    },
    "lessee_details": {
      "name": "Clay-Harmon",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "121 Duane Skyway\nWest Nicoleburgh, GU 17330",
    "property_type": "Retail",
    "lease_area_description": "Partial unit 31A in Building 4",
    "square_footage_sqft": 31267
  },
  "lease_terms": {
    "effective_date": "2023-12-27",
    "commencement_date": "2024-02-26",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 55629.2,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (17.90%)",
        "estimated_monthly_amount_usd": 8344.38
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (20.89%)",
        "estimated_monthly_amount_usd": 5562.92
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 55629.2
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Wyoming",
  "document_status": "Under Review"
}