<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-2023-2712
Status: Draft
Governing Jurisdiction: South Dakota

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Savage Ltd Holdings, and the Tenant, Lester Inc. 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 16 in Building 4 at the property located at 51821 Clements Turnpike Suite 440
South Thomas, MP 56643. This Mixed-Use facility consists of approximately 29091 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-07, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $108,460.95. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $216,921.90 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 270 days' prior notice. 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.

Late payments of rent will accrue interest at a rate of 12.4% 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-2023-2712",
  "parties": {
    "lessor_details": {
      "name": "Savage Ltd Holdings",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Lester Inc",
      "entity_type": "LLC",
      "address": "PSC 0046, Box 3024\nAPO AP 75321"
    }
  },
  "property_details": {
    "address": "51821 Clements Turnpike Suite 440\nSouth Thomas, MP 56643",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire floor 16 in Building 4",
    "square_footage_sqft": 29091
  },
  "lease_terms": {
    "effective_date": "2023-12-20",
    "commencement_date": "2024-01-07",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 90
      }
    ],
    "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."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 108460.95,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (13.15%)",
        "estimated_monthly_amount_usd": 16269.14
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (21.34%)",
        "estimated_monthly_amount_usd": 10846.1
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 216921.9,
    "late_payment_interest_rate_percent": 12.4
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "South Dakota",
  "document_status": "Draft"
}