<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-2023-2796
Status: Amended
Governing Jurisdiction: Tennessee

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Suarez-Smith Ventures, and the Tenant, Leon-Austin. 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 2023-08-31.

The subject of this lease concerns the Entire floor 42 in Building 8 at the property located at 4674 John Common
West April, MS 76892. This Office facility consists of approximately 2224 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2023-09-05, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $6,946.29. This figure is scheduled for an annual increase based on a 2.45% escalation rate. A security deposit of $6,946.29 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 180 days' prior notice. During any such renewal, the rent will be adjusted according to CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Leon-Austin is required to maintain, at minimum, a Commercial General Liability policy of $2,000,000. The certificate of insurance must name all parties as stipulated, including Suarez-Smith Ventures. Late payments of rent will accrue interest at a rate of 5.9% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 60 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-2023-2796",
  "parties": {
    "lessor_details": {
      "name": "Suarez-Smith Ventures",
      "entity_type": "Limited Partnership",
      "address": "18835 Brooke Fords\nKathrynhaven, DE 50672"
    },
    "lessee_details": {
      "name": "Leon-Austin",
      "entity_type": "Corporation"
    }
  },
  "property_details": {
    "address": "4674 John Common\nWest April, MS 76892",
    "property_type": "Office",
    "lease_area_description": "Entire floor 42 in Building 8",
    "square_footage_sqft": 2224
  },
  "lease_terms": {
    "effective_date": "2023-08-31",
    "commencement_date": "2023-09-05",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 180
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 6946.29,
      "annual_escalation_rate_percent": 2.45,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (17.42%)",
        "estimated_monthly_amount_usd": 1041.94
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (12.41%)",
        "estimated_monthly_amount_usd": 694.63
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 6946.29,
    "late_payment_interest_rate_percent": 5.9
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Tennessee",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Suarez-Smith Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Suarez-Smith Ventures",
        "Taylor, Travis and Bishop Mortgage Corp."
      ]
    }
  ]
}