<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-2023-7144
Status: Executed
Governing Jurisdiction: Illinois

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Bradley, Brooks and Allen Ventures, and the Tenant, Hudson-Lee. 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 2023-12-24.

The subject of this lease concerns the Partial suite 18A in Building 7 at the property located at 271 Ramsey Views
Michealbury, FL 06896. This Office facility consists of approximately 49194 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-02-05, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $225,595.49. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $451,190.98 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 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 17.4% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 180 days' notice and involves a penalty structured as 6 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-2023-7144",
  "parties": {
    "lessor_details": {
      "name": "Bradley, Brooks and Allen Ventures",
      "entity_type": "LLC",
      "address": "USNS Nelson\nFPO AA 96334"
    },
    "lessee_details": {
      "name": "Hudson-Lee",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "271 Ramsey Views\nMichealbury, FL 06896",
    "property_type": "Office",
    "lease_area_description": "Partial suite 18A in Building 7",
    "square_footage_sqft": 49194
  },
  "lease_terms": {
    "effective_date": "2023-12-24",
    "commencement_date": "2024-02-05",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "6 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "4 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 225595.49,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (22.04%)",
        "estimated_monthly_amount_usd": 33839.32
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (10.30%)",
        "estimated_monthly_amount_usd": 22559.55
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 451190.98,
    "late_payment_interest_rate_percent": 17.4
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Illinois",
  "document_status": "Executed"
}