<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-2024-2441
Status: Under Review
Governing Jurisdiction: Tennessee

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Robertson, Bruce and Walker Properties, and the Tenant, Washington, Reese and Hawkins. 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 2024-03-01.

The subject of this lease concerns the Entire unit 23 in Building 5 at the property located at 09990 Christopher Circle
Jodistad, NH 29034. This Industrial facility consists of approximately 40477 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-20, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $176,715.84. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $176,715.84 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises requires Landlord's explicit consent.

Note the existence of a Co-tenancy Failure clause, which can be triggered with 90 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-2024-2441",
  "parties": {
    "lessor_details": {
      "name": "Robertson, Bruce and Walker Properties",
      "entity_type": "Corporation",
      "address": "852 Phillip Ferry Apt. 258\nColintown, ID 81712"
    },
    "lessee_details": {
      "name": "Washington, Reese and Hawkins",
      "entity_type": "LLC",
      "address": "5824 Lori Camp Suite 697\nSouth Jonathanborough, CA 49076"
    }
  },
  "property_details": {
    "address": "09990 Christopher Circle\nJodistad, NH 29034",
    "property_type": "Industrial",
    "lease_area_description": "Entire unit 23 in Building 5",
    "square_footage_sqft": 40477
  },
  "lease_terms": {
    "effective_date": "2024-03-01",
    "commencement_date": "2024-03-20",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 176715.84,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (8.62%)",
        "estimated_monthly_amount_usd": 26507.38
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (23.65%)",
        "estimated_monthly_amount_usd": 17671.58
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 176715.84
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Tennessee",
  "document_status": "Under Review"
}