<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-2024-1584
Status: Executed
Governing Jurisdiction: Arizona

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Mathis LLC Holdings, and the Tenant, Thompson, Parker and Kennedy. 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 2024-03-14.

The subject of this lease concerns the Partial suite 7A in Building 3 at the property located at 523 Erica Highway Apt. 991
West Frankberg, KY 68782. This Warehouse facility consists of the specified area and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-28, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $68,929.18. This figure is scheduled for an annual increase based on a 2.9% escalation rate. A security deposit of $68,929.18 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 365 days' prior notice. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises requires Landlord's explicit consent.

Late payments of rent will accrue interest at a rate of 13.7% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 180 days' notice and involves a penalty structured as 8 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-2024-1584",
  "parties": {
    "lessor_details": {
      "name": "Mathis LLC Holdings",
      "entity_type": "Limited Partnership",
      "address": "1781 Daniel Shores\nIanview, MT 04167"
    },
    "lessee_details": {
      "name": "Thompson, Parker and Kennedy",
      "entity_type": "LLC",
      "address": "6377 Jacob Cliffs Apt. 835\nSouth Brianbury, IA 91569"
    }
  },
  "property_details": {
    "address": "523 Erica Highway Apt. 991\nWest Frankberg, KY 68782",
    "property_type": "Warehouse",
    "lease_area_description": "Partial suite 7A in Building 3"
  },
  "lease_terms": {
    "effective_date": "2024-03-14",
    "commencement_date": "2024-05-28",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "8 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 68929.18,
      "annual_escalation_rate_percent": 2.9,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (12.02%)",
        "estimated_monthly_amount_usd": 10339.38
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (23.60%)",
        "estimated_monthly_amount_usd": 6892.92
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 68929.18,
    "late_payment_interest_rate_percent": 13.7
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Arizona",
  "document_status": "Executed"
}