<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-2023-4338
Status: Executed
Governing Jurisdiction: Indiana

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Ho, Johnson and Armstrong Properties, and the Tenant, Day 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 2023-11-12.

The subject of this lease concerns the Entire suite 43B in Building 3 at the property located at 5629 Julia Mission
Port Shannon, MA 79165. This Retail facility consists of the specified area and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-22, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $89,709.47. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $89,709.47 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 180 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.

Note the existence of a Co-tenancy Failure clause, which can be triggered with 180 days' notice and involves a penalty structured as 7 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-2023-4338",
  "parties": {
    "lessor_details": {
      "name": "Ho, Johnson and Armstrong Properties",
      "entity_type": "LLC",
      "address": "0241 Eileen Walks Suite 843\nNorth Barbarabury, NY 65878"
    },
    "lessee_details": {
      "name": "Day and Sons",
      "entity_type": "Corporation",
      "address": "004 Clark Alley Suite 835\nFosterfurt, IL 54839"
    }
  },
  "property_details": {
    "address": "5629 Julia Mission\nPort Shannon, MA 79165",
    "property_type": "Retail",
    "lease_area_description": "Entire suite 43B in Building 3"
  },
  "lease_terms": {
    "effective_date": "2023-11-12",
    "commencement_date": "2023-12-22",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 180
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 89709.47,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (19.91%)",
        "estimated_monthly_amount_usd": 13456.42
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (13.98%)",
        "estimated_monthly_amount_usd": 8970.95
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 89709.47
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Indiana",
  "document_status": "Executed"
}