<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-2023-2593
Status: Draft
Governing Jurisdiction: New Hampshire

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Burns PLC Holdings, and the Tenant, Hancock-Daniels. 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 2023-11-28.

The subject of this lease concerns the Entire suite 31 in Building 8 at the property located at 78861 Vanessa Spurs
East Andrewbury, DE 35445. This Retail facility consists of approximately 7484 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-16, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $37,420.00. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $37,420.00 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 365 days' prior notice. During any such renewal, the rent will be adjusted according to CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises is permitted subject to standard conditions.

Late payments of rent will accrue interest at a rate of 12.3% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 180 days' notice and involves a penalty structured as 9 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-2023-2593",
  "parties": {
    "lessor_details": {
      "name": "Burns PLC Holdings",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Hancock-Daniels",
      "entity_type": "S-Corp",
      "address": "8653 Vasquez Stream\nNew Jenna, MI 09530"
    }
  },
  "property_details": {
    "address": "78861 Vanessa Spurs\nEast Andrewbury, DE 35445",
    "property_type": "Retail",
    "lease_area_description": "Entire suite 31 in Building 8",
    "square_footage_sqft": 7484
  },
  "lease_terms": {
    "effective_date": "2023-11-28",
    "commencement_date": "2023-12-16",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 37420.0,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (10.07%)",
        "estimated_monthly_amount_usd": 5613.0
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (23.19%)",
        "estimated_monthly_amount_usd": 3742.0
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 37420.0,
    "late_payment_interest_rate_percent": 12.3
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "New Hampshire",
  "document_status": "Draft"
}