<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-2024-5127
Status: Draft
Governing Jurisdiction: Indiana

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Berry-Simmons Inc., and the Tenant, Simpson, Stokes and Poole. 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 2024-06-21.

The subject of this lease concerns the Partial floor 9 in Building 7 at the property located at 948 Tiffany Rue Suite 444
Lake Brianna, GA 96902. This Warehouse facility consists of the specified area and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-09-18, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $40,872.22. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $81,744.44 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.

Late payments of rent will accrue interest at a rate of 18.0% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 180 days' notice and involves a penalty structured as 10 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-2024-5127",
  "parties": {
    "lessor_details": {
      "name": "Berry-Simmons Inc.",
      "entity_type": "Limited Partnership",
      "address": "737 Macdonald Plains\nSouth Michaelton, ND 37742"
    },
    "lessee_details": {
      "name": "Simpson, Stokes and Poole",
      "entity_type": "LLC",
      "address": "Unit 0352 Box 5032\nDPO AP 62945"
    }
  },
  "property_details": {
    "address": "948 Tiffany Rue Suite 444\nLake Brianna, GA 96902",
    "property_type": "Warehouse",
    "lease_area_description": "Partial floor 9 in Building 7"
  },
  "lease_terms": {
    "effective_date": "2024-06-21",
    "commencement_date": "2024-09-18",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 40872.22,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (19.21%)",
        "estimated_monthly_amount_usd": 6130.83
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (14.37%)",
        "estimated_monthly_amount_usd": 4087.22
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 81744.44,
    "late_payment_interest_rate_percent": 18.0
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Indiana",
  "document_status": "Draft"
}