<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-2023-1357
Status: Executed
Governing Jurisdiction: West Virginia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Garcia-Hale Holdings, and the Tenant, Brock, Johnson and Black. 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 2023-12-20.

The subject of this lease concerns the Entire floor 13 in Building 6 at the property located at 8744 Christopher Village Suite 839
West Sarah, AZ 55803. This Warehouse facility consists of approximately 41675 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-02-10, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $133,985.12. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $267,970.24 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 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 requires Landlord's explicit consent.

Note the existence of a Landlord Recapture Right clause, which can be triggered with 90 days' notice and involves a penalty structured as 4 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-2023-1357",
  "parties": {
    "lessor_details": {
      "name": "Garcia-Hale Holdings",
      "entity_type": "Limited Partnership",
      "address": "85856 Jackson Mountains Suite 854\nEast Jasonbury, TN 66124"
    },
    "lessee_details": {
      "name": "Brock, Johnson and Black",
      "entity_type": "S-Corp",
      "address": "7786 Dennis Mews Suite 591\nLake Katie, IA 98745"
    }
  },
  "property_details": {
    "address": "8744 Christopher Village Suite 839\nWest Sarah, AZ 55803",
    "property_type": "Warehouse",
    "lease_area_description": "Entire floor 13 in Building 6",
    "square_footage_sqft": 41675
  },
  "lease_terms": {
    "effective_date": "2023-12-20",
    "commencement_date": "2024-02-10",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "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": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "4 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 133985.12,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (16.76%)",
        "estimated_monthly_amount_usd": 20097.77
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (5.62%)",
        "estimated_monthly_amount_usd": 13398.51
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 267970.24
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "West Virginia",
  "document_status": "Executed"
}