<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-2024-7240
Status: Amended
Governing Jurisdiction: Ohio

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Smith, Powell and Hall LLC, and the Tenant, Payne Group. 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 2024-04-19.

The subject of this lease concerns the Entire suite 47A in Building 5 at the property located at 476 Rivera Shores Apt. 046
South Brittanychester, OR 04725. This Mixed-Use facility consists of approximately 33824 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-07-05, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $55,725.04. This figure is scheduled for an annual increase based on a 3.79% escalation rate. A security deposit of $55,725.04 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 90 days' prior notice. 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 is permitted subject to standard conditions.

Late payments of rent will accrue interest at a rate of 16.2% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 180 days' notice and involves a penalty structured as 6 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-2024-7240",
  "parties": {
    "lessor_details": {
      "name": "Smith, Powell and Hall LLC",
      "entity_type": "Corporation",
      "address": "00448 Pittman Forest\nWest Maryborough, WV 72191"
    },
    "lessee_details": {
      "name": "Payne Group",
      "entity_type": "S-Corp",
      "address": "695 Bryan Locks\nAllisonmouth, FL 04928"
    }
  },
  "property_details": {
    "address": "476 Rivera Shores Apt. 046\nSouth Brittanychester, OR 04725",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire suite 47A in Building 5",
    "square_footage_sqft": 33824
  },
  "lease_terms": {
    "effective_date": "2024-04-19",
    "commencement_date": "2024-07-05",
    "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%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "6 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 55725.04,
      "annual_escalation_rate_percent": 3.79,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (16.68%)",
        "estimated_monthly_amount_usd": 8358.76
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (7.87%)",
        "estimated_monthly_amount_usd": 5572.5
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 55725.04,
    "late_payment_interest_rate_percent": 16.2
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Ohio",
  "document_status": "Amended"
}