<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-2024-5983
Status: Under Review
Governing Jurisdiction: Tennessee

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Jacobs-Jones Properties, and the Tenant, Herrera, Green and Spencer. 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 2024-08-09.

The subject of this lease concerns the Partial suite 3B in Building 6 at the property located at 996 Cohen Mountain Apt. 840
South Diana, MA 24992. This Mixed-Use facility consists of approximately 27699 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-11-02, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $84,735.86. This figure is scheduled for an annual increase based on a 3.03% escalation rate. A security deposit of $169,471.72 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 90 days' prior notice. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises is permitted subject to standard conditions.

Late payments of rent will accrue interest at a rate of 10.8% 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-2024-5983",
  "parties": {
    "lessor_details": {
      "name": "Jacobs-Jones Properties",
      "entity_type": "LLC",
      "address": "830 Penny Drives\nPort Ricardotown, NV 12577"
    },
    "lessee_details": {
      "name": "Herrera, Green and Spencer",
      "entity_type": "LLC",
      "address": "652 Mcpherson Fort Suite 153\nDavisfurt, PR 70055"
    }
  },
  "property_details": {
    "address": "996 Cohen Mountain Apt. 840\nSouth Diana, MA 24992",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial suite 3B in Building 6",
    "square_footage_sqft": 27699
  },
  "lease_terms": {
    "effective_date": "2024-08-09",
    "commencement_date": "2024-11-02",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 84735.86,
      "annual_escalation_rate_percent": 3.03,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (13.53%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (14.42%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 169471.72,
    "late_payment_interest_rate_percent": 10.8
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Tennessee",
  "document_status": "Under Review"
}