<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-2023-1487
Status: Executed
Governing Jurisdiction: New York

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Mcdonald-Phillips Properties, and the Tenant, Cook Group. 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 2023-10-16.

The subject of this lease concerns the Entire suite 20A in Building 4 at the property located at 89413 Washington Cove
Matthewmouth, VI 48867. This Mixed-Use facility consists of approximately 33680 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2023-10-17, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $70,475.40. This figure is scheduled for an annual increase based on a 2.17% escalation rate. A security deposit of $140,950.80 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 90 days' prior notice. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises requires Landlord's explicit consent.

Note the existence of a Tenant Early Termination Option clause, which can be triggered with 180 days' notice and involves a penalty structured as 8 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-2023-1487",
  "parties": {
    "lessor_details": {
      "name": "Mcdonald-Phillips Properties",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Cook Group",
      "entity_type": "S-Corp",
      "address": "2433 Powell Radial\nEast Patriciafort, WA 41223"
    }
  },
  "property_details": {
    "address": "89413 Washington Cove\nMatthewmouth, VI 48867",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire suite 20A in Building 4",
    "square_footage_sqft": 33680
  },
  "lease_terms": {
    "effective_date": "2023-10-16",
    "commencement_date": "2023-10-17",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "8 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 70475.4,
      "annual_escalation_rate_percent": 2.17,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (13.56%)",
        "estimated_monthly_amount_usd": 10571.31
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (10.62%)",
        "estimated_monthly_amount_usd": 7047.54
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 140950.8
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "New York",
  "document_status": "Executed"
}