<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-2023-4260
Status: Under Review
Governing Jurisdiction: Wisconsin

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Haas and Sons Ventures, and the Tenant, White, Yang and Roberson. 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 2023-11-13.

The subject of this lease concerns the Entire suite 20A in Building 10 at the property located at 60228 Martin Island
Lake Kathy, WV 27266. This Warehouse facility consists of approximately 17671 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2023-11-24, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $88,355.00. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $176,710.00 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 is permitted subject to standard conditions.

Late payments of rent will accrue interest at a rate of 18.0% 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-2023-4260",
  "parties": {
    "lessor_details": {
      "name": "Haas and Sons Ventures",
      "entity_type": "Limited Partnership",
      "address": "5311 Brianna Mount Suite 665\nCookchester, AL 02035"
    },
    "lessee_details": {
      "name": "White, Yang and Roberson",
      "entity_type": "LLC",
      "address": "813 Nancy Villages Apt. 791\nKleinton, OR 38067"
    }
  },
  "property_details": {
    "address": "60228 Martin Island\nLake Kathy, WV 27266",
    "property_type": "Warehouse",
    "lease_area_description": "Entire suite 20A in Building 10",
    "square_footage_sqft": 17671
  },
  "lease_terms": {
    "effective_date": "2023-11-13",
    "commencement_date": "2023-11-24",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value"
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 88355.0,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (19.43%)",
        "estimated_monthly_amount_usd": 13253.25
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (24.72%)",
        "estimated_monthly_amount_usd": 8835.5
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 176710.0,
    "late_payment_interest_rate_percent": 18.0
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Wisconsin",
  "document_status": "Under Review"
}