<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-2023-3280
Status: Executed
Governing Jurisdiction: South Dakota

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Morris, Barnes and Parks Properties, and the Tenant, Simon PLC. 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 2023-10-30.

The subject of this lease concerns the Partial unit 45B in Building 4 at the property located at 48519 Brenda Manor
Gabrielleside, GA 60621. This Retail facility consists of approximately 49434 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2023-11-07, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $245,192.64. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $490,385.28 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.



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-2023-3280",
  "parties": {
    "lessor_details": {
      "name": "Morris, Barnes and Parks Properties",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Simon PLC",
      "entity_type": "LLC",
      "address": "440 Sara Lane\nWest Patricia, VA 11391"
    }
  },
  "property_details": {
    "address": "48519 Brenda Manor\nGabrielleside, GA 60621",
    "property_type": "Retail",
    "lease_area_description": "Partial unit 45B in Building 4",
    "square_footage_sqft": 49434
  },
  "lease_terms": {
    "effective_date": "2023-10-30",
    "commencement_date": "2023-11-07",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 245192.64,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (5.15%)",
        "estimated_monthly_amount_usd": 36778.9
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (13.46%)",
        "estimated_monthly_amount_usd": 24519.26
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 490385.28
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "South Dakota",
  "document_status": "Executed"
}