<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-2024-5360
Status: Executed
Governing Jurisdiction: Massachusetts

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Lang, Blair and Galloway Holdings, and the Tenant, Lopez Group. 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 2024-01-14.

The subject of this lease concerns the Partial floor 30 in Building 2 at the property located at 1138 Nathan Square
North Tyler, MI 64233. This Office facility consists of the specified area and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-25, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $42,542.39. This figure is scheduled for an annual increase based on a 2.4% escalation rate. A security deposit of $42,542.39 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 90 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.

Late payments of rent will accrue interest at a rate of 13.7% 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-2024-5360",
  "parties": {
    "lessor_details": {
      "name": "Lang, Blair and Galloway Holdings",
      "entity_type": "Limited Partnership",
      "address": "Unit 5826 Box 4699\nDPO AE 35025"
    },
    "lessee_details": {
      "name": "Lopez Group",
      "entity_type": "LLC",
      "address": "817 Christina Divide Apt. 843\nWest James, SD 16038"
    }
  },
  "property_details": {
    "address": "1138 Nathan Square\nNorth Tyler, MI 64233",
    "property_type": "Office",
    "lease_area_description": "Partial floor 30 in Building 2"
  },
  "lease_terms": {
    "effective_date": "2024-01-14",
    "commencement_date": "2024-01-25",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 42542.39,
      "annual_escalation_rate_percent": 2.4,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (10.42%)",
        "estimated_monthly_amount_usd": 6381.36
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (19.35%)",
        "estimated_monthly_amount_usd": 4254.24
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 42542.39,
    "late_payment_interest_rate_percent": 13.7
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Massachusetts",
  "document_status": "Executed"
}