<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-2023-8598
Status: Draft
Governing Jurisdiction: Arkansas

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Cook Ltd Holdings, and the Tenant, Rojas, Sanders and Mendez. 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 unit 3B in Building 2 at the property located at Unit 2689 Box 8606
DPO AA 85368. This Warehouse facility consists of approximately 10709 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-01, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $39,034.31. This figure is scheduled for an annual increase based on a 3.41% escalation rate. A security deposit of $39,034.31 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 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 is permitted subject to standard conditions.

Late payments of rent will accrue interest at a rate of 6.2% 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-2023-8598",
  "parties": {
    "lessor_details": {
      "name": "Cook Ltd Holdings",
      "entity_type": "LLC",
      "address": "276 Maurice Spurs\nMichaelstad, MD 98291"
    },
    "lessee_details": {
      "name": "Rojas, Sanders and Mendez",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "Unit 2689 Box 8606\nDPO AA 85368",
    "property_type": "Warehouse",
    "lease_area_description": "Partial unit 3B in Building 2",
    "square_footage_sqft": 10709
  },
  "lease_terms": {
    "effective_date": "2023-12-24",
    "commencement_date": "2024-01-01",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 39034.31,
      "annual_escalation_rate_percent": 3.41,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (17.18%)",
        "estimated_monthly_amount_usd": 5855.15
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (23.41%)",
        "estimated_monthly_amount_usd": 3903.43
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 39034.31,
    "late_payment_interest_rate_percent": 6.2
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Arkansas",
  "document_status": "Draft"
}