<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-2024-4201
Status: Executed
Governing Jurisdiction: Arizona

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Gallagher-Lane Properties, and the Tenant, Avery-Turner. 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 2024-06-23.

The subject of this lease concerns the Entire floor 16 in Building 1 at the property located at PSC 2364, Box 3973
APO AP 72500. This Mixed-Use facility consists of the specified area and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-09-02, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $25,440.56. This figure is scheduled for an annual increase based on a 2.28% escalation rate. A security deposit of $25,440.56 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 Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises is permitted subject to standard conditions.

Note the existence of a Co-tenancy Failure 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-2024-4201",
  "parties": {
    "lessor_details": {
      "name": "Gallagher-Lane Properties",
      "entity_type": "LLC",
      "address": "85811 Aaron Way\nLake Doris, OR 92496"
    },
    "lessee_details": {
      "name": "Avery-Turner",
      "entity_type": "LLC",
      "address": "6433 Lane Park Suite 112\nSouth Philip, NH 47249"
    }
  },
  "property_details": {
    "address": "PSC 2364, Box 3973\nAPO AP 72500",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire floor 16 in Building 1"
  },
  "lease_terms": {
    "effective_date": "2024-06-23",
    "commencement_date": "2024-09-02",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 25440.56,
      "annual_escalation_rate_percent": 2.28,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (7.77%)",
        "estimated_monthly_amount_usd": 3816.08
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (5.91%)",
        "estimated_monthly_amount_usd": 2544.06
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 25440.56
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Arizona",
  "document_status": "Executed"
}