<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-2023-2758
Status: Draft
Governing Jurisdiction: Tennessee

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Gross Ltd Ventures, and the Tenant, Nguyen, Graham and Weaver. 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 2023-10-20.

The subject of this lease concerns the Partial unit 49B in Building 3 at the property located at 2877 Kendra Forks Apt. 560
South Gail, HI 43287. This Retail facility consists of approximately 40037 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2023-10-25, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $164,185.06. This figure is scheduled for an annual increase based on a 3.59% escalation rate. A security deposit of $328,370.12 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 Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises is permitted subject to standard conditions.

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-2023-2758",
  "parties": {
    "lessor_details": {
      "name": "Gross Ltd Ventures",
      "entity_type": "Corporation",
      "address": "52265 Kathleen Drive Suite 861\nFullerfort, CA 70228"
    },
    "lessee_details": {
      "name": "Nguyen, Graham and Weaver",
      "entity_type": "S-Corp",
      "address": "765 Carl Estate\nPadillabury, SD 76797"
    }
  },
  "property_details": {
    "address": "2877 Kendra Forks Apt. 560\nSouth Gail, HI 43287",
    "property_type": "Retail",
    "lease_area_description": "Partial unit 49B in Building 3",
    "square_footage_sqft": 40037
  },
  "lease_terms": {
    "effective_date": "2023-10-20",
    "commencement_date": "2023-10-25",
    "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%"
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "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": 164185.06,
      "annual_escalation_rate_percent": 3.59,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (19.09%)",
        "estimated_monthly_amount_usd": 24627.76
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (7.65%)",
        "estimated_monthly_amount_usd": 16418.51
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 328370.12
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Tennessee",
  "document_status": "Draft"
}