<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-2024-3539
Status: Draft
Governing Jurisdiction: Georgia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Burke-Horne Properties, and the Tenant, Rollins Group. 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 2024-07-18.

The subject of this lease concerns the Entire unit 1A in Building 5 at the property located at 62928 Manuel Brooks
Port Deannashire, MI 76914. This Retail facility consists of approximately 7139 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-08-13, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $27,419.71. This figure is scheduled for an annual increase based on a 3.0% escalation rate. A security deposit of $27,419.71 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 Fixed 3% annual increase. Any potential sublease of the premises is permitted subject to standard conditions.

Late payments of rent will accrue interest at a rate of 11.6% 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-2024-3539",
  "parties": {
    "lessor_details": {
      "name": "Burke-Horne Properties",
      "entity_type": "LLC",
      "address": "PSC 2365, Box 8633\nAPO AP 96906"
    },
    "lessee_details": {
      "name": "Rollins Group",
      "entity_type": "LLC",
      "address": "50941 Stewart Crossroad Apt. 025\nVictorport, NM 03104"
    }
  },
  "property_details": {
    "address": "62928 Manuel Brooks\nPort Deannashire, MI 76914",
    "property_type": "Retail",
    "lease_area_description": "Entire unit 1A in Building 5",
    "square_footage_sqft": 7139
  },
  "lease_terms": {
    "effective_date": "2024-07-18",
    "commencement_date": "2024-08-13",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 27419.71,
      "annual_escalation_rate_percent": 3.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (17.44%)",
        "estimated_monthly_amount_usd": 4112.96
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (5.97%)",
        "estimated_monthly_amount_usd": 2741.97
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 27419.71,
    "late_payment_interest_rate_percent": 11.6
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Georgia",
  "document_status": "Draft"
}