<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-2023-2900
Status: Under Review
Governing Jurisdiction: Wisconsin

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Miller-Gardner Ventures, and the Tenant, Wallace-Wiggins. 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 2023-08-24.

The subject of this lease concerns the Entire suite 12B in Building 5 at the property located at 6855 Brittney Alley Apt. 541
Davisburgh, GA 19835. This Retail facility consists of approximately 39721 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2023-09-30, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $113,105.55. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $226,211.10 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 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 requires Landlord's explicit consent.

Late payments of rent will accrue interest at a rate of 10.8% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 90 days' notice and involves a penalty structured as 11 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-2023-2900",
  "parties": {
    "lessor_details": {
      "name": "Miller-Gardner Ventures",
      "entity_type": "Limited Partnership",
      "address": "268 Edwards Meadows\nLake Devin, PA 30485"
    },
    "lessee_details": {
      "name": "Wallace-Wiggins",
      "entity_type": "LLC",
      "address": "19284 Walton Station\nPaulmouth, PW 90529"
    }
  },
  "property_details": {
    "address": "6855 Brittney Alley Apt. 541\nDavisburgh, GA 19835",
    "property_type": "Retail",
    "lease_area_description": "Entire suite 12B in Building 5",
    "square_footage_sqft": 39721
  },
  "lease_terms": {
    "effective_date": "2023-08-24",
    "commencement_date": "2023-09-30",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 113105.55,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (19.73%)",
        "estimated_monthly_amount_usd": 16965.83
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (10.80%)",
        "estimated_monthly_amount_usd": 11310.56
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 226211.1,
    "late_payment_interest_rate_percent": 10.8
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Wisconsin",
  "document_status": "Under Review"
}