<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-2023-7046
Status: Under Review
Governing Jurisdiction: Iowa

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Flores-George Properties, and the Tenant, Zamora, Smith and Smith. 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 2023-10-09.

The subject of this lease concerns the Partial suite 36B in Building 2 at the property located at 0161 Patel Via
Port Jackiemouth, OR 28358. This Retail facility consists of approximately 38246 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2023-11-14, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $147,757.05. This figure is scheduled for an annual increase based on a 2.91% escalation rate. A security deposit of $147,757.05 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 Fair Market Value. 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 90 days' notice and involves a penalty structured as 12 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-2023-7046",
  "parties": {
    "lessor_details": {
      "name": "Flores-George Properties",
      "entity_type": "Limited Partnership",
      "address": "260 Cruz Forges Suite 262\nNew Jamesbury, DE 39940"
    },
    "lessee_details": {
      "name": "Zamora, Smith and Smith",
      "entity_type": "LLC",
      "address": "39143 Steven Fords Suite 950\nMatthewburgh, ID 47461"
    }
  },
  "property_details": {
    "address": "0161 Patel Via\nPort Jackiemouth, OR 28358",
    "property_type": "Retail",
    "lease_area_description": "Partial suite 36B in Building 2",
    "square_footage_sqft": 38246
  },
  "lease_terms": {
    "effective_date": "2023-10-09",
    "commencement_date": "2023-11-14",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 180
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 147757.05,
      "annual_escalation_rate_percent": 2.91,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.61%)",
        "estimated_monthly_amount_usd": 22163.56
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (22.48%)",
        "estimated_monthly_amount_usd": 14775.7
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 147757.05
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Iowa",
  "document_status": "Under Review"
}