<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-2024-6862
Status: Under Review
Governing Jurisdiction: California

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Gonzalez-Shepard Ventures, and the Tenant, Dean, Smith and Reid. 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 2024-05-30.

The subject of this lease concerns the Partial floor 38A in Building 2 at the property located at 584 Acosta Glens Suite 648
East Jessicashire, MH 25907. This Mixed-Use facility consists of approximately 16289 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-08-09, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $34,234.05. This figure is scheduled for an annual increase based on a 2.86% escalation rate. A security deposit of $34,234.05 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 180 days' prior notice. During any such renewal, the rent will be adjusted according to Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises is permitted subject to standard conditions.

Note the existence of a Tenant Early Termination Option clause, which can be triggered with 60 days' notice and involves a penalty structured as 3 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-2024-6862",
  "parties": {
    "lessor_details": {
      "name": "Gonzalez-Shepard Ventures",
      "entity_type": "Corporation",
      "address": "57218 Acosta Locks\nBenjamintown, SD 04805"
    },
    "lessee_details": {
      "name": "Dean, Smith and Reid",
      "entity_type": "Corporation"
    }
  },
  "property_details": {
    "address": "584 Acosta Glens Suite 648\nEast Jessicashire, MH 25907",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial floor 38A in Building 2",
    "square_footage_sqft": 16289
  },
  "lease_terms": {
    "effective_date": "2024-05-30",
    "commencement_date": "2024-08-09",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 180
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 34234.05,
      "annual_escalation_rate_percent": 2.86,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (10.03%)",
        "estimated_monthly_amount_usd": 5135.11
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (20.96%)",
        "estimated_monthly_amount_usd": 3423.4
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 34234.05
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "California",
  "document_status": "Under Review"
}