<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-2023-6809
Status: Amended
Governing Jurisdiction: Rhode Island

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Hurst, Gonzalez and Johnson Ventures, and the Tenant, Ward LLC. 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 2023-11-04.

The subject of this lease concerns the Partial unit 40 in Building 8 at the property located at 748 Rodney Knolls Apt. 120
Port Martin, MD 87672. This Industrial facility consists of approximately 27950 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-11-04, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $60,069.21. This figure is scheduled for an annual increase based on a 1.85% escalation rate. A security deposit of $120,138.42 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 Fair Market Value. Any potential sublease of the premises requires Landlord's explicit consent.

Late payments of rent will accrue interest at a rate of 13.1% 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-2023-6809",
  "parties": {
    "lessor_details": {
      "name": "Hurst, Gonzalez and Johnson Ventures",
      "entity_type": "Corporation",
      "address": "4166 Johnson Island\nEast Michelleland, AS 97391"
    },
    "lessee_details": {
      "name": "Ward LLC",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "748 Rodney Knolls Apt. 120\nPort Martin, MD 87672",
    "property_type": "Industrial",
    "lease_area_description": "Partial unit 40 in Building 8",
    "square_footage_sqft": 27950
  },
  "lease_terms": {
    "effective_date": "2023-11-04",
    "commencement_date": "2023-11-04",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value"
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 60069.21,
      "annual_escalation_rate_percent": 1.85,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (6.63%)",
        "estimated_monthly_amount_usd": 9010.38
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (19.51%)",
        "estimated_monthly_amount_usd": 6006.92
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 120138.42,
    "late_payment_interest_rate_percent": 13.1
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Rhode Island",
  "document_status": "Amended"
}