<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-2023-8233
Status: Draft
Governing Jurisdiction: Alaska

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Rhodes, Knapp and Oconnell Properties, and the Tenant, Porter and Sons. 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 2023-09-20.

The subject of this lease concerns the Partial unit 30B in Building 4 at the property located at 748 Shannon Freeway Apt. 493
Valenciatown, GA 86459. This Office facility consists of approximately 18402 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2023-10-22, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $48,381.93. This figure is scheduled for an annual increase based on a 3.56% escalation rate. A security deposit of $96,763.86 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months. During any such renewal, the rent will be adjusted according to CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises is permitted subject to standard conditions.

Late payments of rent will accrue interest at a rate of 17.8% 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-2023-8233",
  "parties": {
    "lessor_details": {
      "name": "Rhodes, Knapp and Oconnell Properties",
      "entity_type": "Corporation",
      "address": "9286 Francis Mews Apt. 539\nAngelaberg, NH 38317"
    },
    "lessee_details": {
      "name": "Porter and Sons",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "748 Shannon Freeway Apt. 493\nValenciatown, GA 86459",
    "property_type": "Office",
    "lease_area_description": "Partial unit 30B in Building 4",
    "square_footage_sqft": 18402
  },
  "lease_terms": {
    "effective_date": "2023-09-20",
    "commencement_date": "2023-10-22",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 48381.93,
      "annual_escalation_rate_percent": 3.56,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (20.79%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (16.49%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 96763.86,
    "late_payment_interest_rate_percent": 17.8
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Alaska",
  "document_status": "Draft"
}