<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-2024-6751
Status: Draft
Governing Jurisdiction: Washington

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Austin-Davis Holdings, and the Tenant, May Ltd. 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 2024-03-18.

The subject of this lease concerns the Partial suite 40B in Building 9 at the property located at 525 Tyler Branch Suite 148
East Kristentown, MA 05218. This Retail facility consists of approximately 10196 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-06-02, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $23,484.79. This figure is scheduled for an annual increase based on a 3.49% escalation rate. A security deposit of $46,969.58 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.



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-2024-6751",
  "parties": {
    "lessor_details": {
      "name": "Austin-Davis Holdings",
      "entity_type": "Limited Partnership",
      "address": "398 Snow Cliff Suite 401\nButlerfort, ID 07414"
    },
    "lessee_details": {
      "name": "May Ltd",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "525 Tyler Branch Suite 148\nEast Kristentown, MA 05218",
    "property_type": "Retail",
    "lease_area_description": "Partial suite 40B in Building 9",
    "square_footage_sqft": 10196
  },
  "lease_terms": {
    "effective_date": "2024-03-18",
    "commencement_date": "2024-06-02",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 23484.79,
      "annual_escalation_rate_percent": 3.49,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (17.53%)",
        "estimated_monthly_amount_usd": 3522.72
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (9.19%)",
        "estimated_monthly_amount_usd": 2348.48
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 46969.58
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Washington",
  "document_status": "Draft"
}