<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-2024-4963
Status: Amended
Governing Jurisdiction: Kansas

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Bryant, Martin and Hayes Properties, and the Tenant, Martinez-Mullins. 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 2024-07-27.

The subject of this lease concerns the Entire unit 15B in Building 9 at the property located at 94921 Castillo Throughway Suite 900
Raymondburgh, NY 67198. This Retail facility consists of approximately 44298 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-09-07, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $198,750.36. This figure is scheduled for an annual increase based on a 2.65% escalation rate. A security deposit of $397,500.72 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises requires Landlord's explicit consent.

Note the existence of a Tenant Early Termination Option clause, which can be triggered with 180 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-2024-4963",
  "parties": {
    "lessor_details": {
      "name": "Bryant, Martin and Hayes Properties",
      "entity_type": "LLC",
      "address": "826 Carter Tunnel Suite 419\nEast Laurenhaven, SC 16342"
    },
    "lessee_details": {
      "name": "Martinez-Mullins",
      "entity_type": "Corporation",
      "address": "484 Kendra Orchard\nSouth Melissamouth, MD 59273"
    }
  },
  "property_details": {
    "address": "94921 Castillo Throughway Suite 900\nRaymondburgh, NY 67198",
    "property_type": "Retail",
    "lease_area_description": "Entire unit 15B in Building 9",
    "square_footage_sqft": 44298
  },
  "lease_terms": {
    "effective_date": "2024-07-27",
    "commencement_date": "2024-09-07",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 198750.36,
      "annual_escalation_rate_percent": 2.65,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (17.41%)",
        "estimated_monthly_amount_usd": 29812.55
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (6.41%)",
        "estimated_monthly_amount_usd": 19875.04
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 397500.72
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Kansas",
  "document_status": "Amended"
}