<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-2024-4070
Status: Amended
Governing Jurisdiction: North Carolina

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Aguilar-Lara Holdings, and the Tenant, Smith, Howe and Stanley. 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 2024-05-23.

The subject of this lease concerns the Entire suite 44B in Building 8 at the property located at 8935 Simmons Mountain
North Zacharyville, IL 73422. This Office facility consists of approximately 18849 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-08-11, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $81,254.90. This figure is scheduled for an annual increase based on a 1.54% escalation rate. A security deposit of $81,254.90 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months. 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.

Late payments of rent will accrue interest at a rate of 11.4% 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-2024-4070",
  "parties": {
    "lessor_details": {
      "name": "Aguilar-Lara Holdings",
      "entity_type": "LLC",
      "address": "USS Adams\nFPO AP 84148"
    },
    "lessee_details": {
      "name": "Smith, Howe and Stanley",
      "entity_type": "LLC",
      "address": "276 Carol Light\nTylerchester, SD 09483"
    }
  },
  "property_details": {
    "address": "8935 Simmons Mountain\nNorth Zacharyville, IL 73422",
    "property_type": "Office",
    "lease_area_description": "Entire suite 44B in Building 8",
    "square_footage_sqft": 18849
  },
  "lease_terms": {
    "effective_date": "2024-05-23",
    "commencement_date": "2024-08-11",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 81254.9,
      "annual_escalation_rate_percent": 1.54,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (23.48%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (14.39%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 81254.9,
    "late_payment_interest_rate_percent": 11.4
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "North Carolina",
  "document_status": "Amended"
}