<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-2024-2621
Status: Under Review
Governing Jurisdiction: Massachusetts

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Mcmahon, Burton and Williams Holdings, and the Tenant, Patterson, Mitchell and Blake. 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 2024-01-24.

The subject of this lease concerns the Partial unit 46 in Building 4 at the property located at 8421 William Loaf
Brianview, MP 87297. This Warehouse facility consists of approximately 38247 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-04-09, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $72,828.66. This figure is scheduled for an annual increase based on a 3.86% escalation rate. A security deposit of $145,657.32 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 Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises requires Landlord's explicit consent.

Note the existence of a Tenant Early Termination Option clause, which can be triggered with 180 days' notice and involves a penalty structured as 9 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-2024-2621",
  "parties": {
    "lessor_details": {
      "name": "Mcmahon, Burton and Williams Holdings",
      "entity_type": "Corporation",
      "address": "49366 Poole Path\nNew Kimberly, AL 91796"
    },
    "lessee_details": {
      "name": "Patterson, Mitchell and Blake",
      "entity_type": "Corporation",
      "address": "34111 Smith Courts\nEast John, WV 09932"
    }
  },
  "property_details": {
    "address": "8421 William Loaf\nBrianview, MP 87297",
    "property_type": "Warehouse",
    "lease_area_description": "Partial unit 46 in Building 4",
    "square_footage_sqft": 38247
  },
  "lease_terms": {
    "effective_date": "2024-01-24",
    "commencement_date": "2024-04-09",
    "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": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 72828.66,
      "annual_escalation_rate_percent": 3.86,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (19.34%)",
        "estimated_monthly_amount_usd": 10924.3
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (25.0%)",
        "estimated_monthly_amount_usd": 7282.87
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 145657.32
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Massachusetts",
  "document_status": "Under Review"
}