<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-2024-2437
Status: Draft
Governing Jurisdiction: Idaho

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Bush-Armstrong Holdings, and the Tenant, Welch 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 2024-01-27.

The subject of this lease concerns the Entire unit 48B in Building 1 at the property located at 3744 Nancy Camp
Klineburgh, SC 64132. This Retail facility consists of approximately 24584 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-04-02, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $81,823.75. This figure is scheduled for an annual increase based on a 2.36% escalation rate. A security deposit of $81,823.75 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 Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises requires Landlord's explicit consent.

Late payments of rent will accrue interest at a rate of 8.6% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 60 days' notice and involves a penalty structured as 11 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-2024-2437",
  "parties": {
    "lessor_details": {
      "name": "Bush-Armstrong Holdings",
      "entity_type": "Corporation",
      "address": "60317 Griffin Island\nTylerhaven, PR 79852"
    },
    "lessee_details": {
      "name": "Welch Ltd",
      "entity_type": "Corporation",
      "address": "USNS Lee\nFPO AA 67174"
    }
  },
  "property_details": {
    "address": "3744 Nancy Camp\nKlineburgh, SC 64132",
    "property_type": "Retail",
    "lease_area_description": "Entire unit 48B in Building 1",
    "square_footage_sqft": 24584
  },
  "lease_terms": {
    "effective_date": "2024-01-27",
    "commencement_date": "2024-04-02",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 81823.75,
      "annual_escalation_rate_percent": 2.36,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (18.53%)",
        "estimated_monthly_amount_usd": 12273.56
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (13.12%)",
        "estimated_monthly_amount_usd": 8182.38
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 81823.75,
    "late_payment_interest_rate_percent": 8.6
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Idaho",
  "document_status": "Draft"
}