<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-2023-3153
Status: Amended
Governing Jurisdiction: Oklahoma

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Yang and Sons LLC, and the Tenant, Frye-Berry. 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 2023-10-28.

The subject of this lease concerns the Entire suite 13B in Building 3 at the property located at 942 William Highway Suite 932
Philipchester, NV 90094. This Retail facility consists of approximately 3276 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-17, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $4,332.51. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $8,665.02 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 CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises is permitted subject to standard conditions.

Late payments of rent will accrue interest at a rate of 8.7% per annum. 

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-2023-3153",
  "parties": {
    "lessor_details": {
      "name": "Yang and Sons LLC",
      "entity_type": "LLC",
      "address": "09664 Lang Bypass\nQuinnstad, NC 95279"
    },
    "lessee_details": {
      "name": "Frye-Berry",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "942 William Highway Suite 932\nPhilipchester, NV 90094",
    "property_type": "Retail",
    "lease_area_description": "Entire suite 13B in Building 3",
    "square_footage_sqft": 3276
  },
  "lease_terms": {
    "effective_date": "2023-10-28",
    "commencement_date": "2023-12-17",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 4332.51,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (19.26%)",
        "estimated_monthly_amount_usd": 649.88
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (23.04%)",
        "estimated_monthly_amount_usd": 433.25
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 8665.02,
    "late_payment_interest_rate_percent": 8.7
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Oklahoma",
  "document_status": "Amended"
}