<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-2024-7086
Status: Draft
Governing Jurisdiction: Idaho

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Berry Ltd Properties, and the Tenant, Herrera-Nelson. 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 2024-05-27.

The subject of this lease concerns the Entire unit 28 in Building 7 at the property located at Unit 3390 Box 8662
DPO AP 53918. This Retail facility consists of approximately 43553 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-08-07, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $113,419.27. This figure is scheduled for an annual increase based on a 2.87% escalation rate. A security deposit of $226,838.54 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises requires Landlord's explicit consent.



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-2024-7086",
  "parties": {
    "lessor_details": {
      "name": "Berry Ltd Properties",
      "entity_type": "LLC",
      "address": "38765 Elizabeth Square Suite 007\nPort Jerry, AZ 41489"
    },
    "lessee_details": {
      "name": "Herrera-Nelson",
      "entity_type": "LLC",
      "address": "57358 Bradford Falls Apt. 735\nStephanieborough, FM 17744"
    }
  },
  "property_details": {
    "address": "Unit 3390 Box 8662\nDPO AP 53918",
    "property_type": "Retail",
    "lease_area_description": "Entire unit 28 in Building 7",
    "square_footage_sqft": 43553
  },
  "lease_terms": {
    "effective_date": "2024-05-27",
    "commencement_date": "2024-08-07",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 113419.27,
      "annual_escalation_rate_percent": 2.87,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (9.90%)",
        "estimated_monthly_amount_usd": 17012.89
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (13.36%)",
        "estimated_monthly_amount_usd": 11341.93
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 226838.54
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Idaho",
  "document_status": "Draft"
}