<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-2023-8456
Status: Under Review
Governing Jurisdiction: Minnesota

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Wagner, Anderson and Zuniga Ventures, and the Tenant, Smith, Robertson and Malone. 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 2023-08-26.

The subject of this lease concerns the Partial unit 37 in Building 8 at the property located at 27768 Daisy Inlet Apt. 125
West Coreymouth, ND 62402. This Industrial facility consists of approximately 48886 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2023-09-12, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $152,361.37. This figure is scheduled for an annual increase based on a 3.0% escalation rate. A security deposit of $152,361.37 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises requires Landlord's explicit consent.

Late payments of rent will accrue interest at a rate of 11.5% 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-2023-8456",
  "parties": {
    "lessor_details": {
      "name": "Wagner, Anderson and Zuniga Ventures",
      "entity_type": "LLC",
      "address": "2443 Church Underpass Suite 069\nSouth Nicole, NE 08449"
    },
    "lessee_details": {
      "name": "Smith, Robertson and Malone",
      "entity_type": "LLC",
      "address": "6902 Christopher Mount\nNorth Josephmouth, ID 77633"
    }
  },
  "property_details": {
    "address": "27768 Daisy Inlet Apt. 125\nWest Coreymouth, ND 62402",
    "property_type": "Industrial",
    "lease_area_description": "Partial unit 37 in Building 8",
    "square_footage_sqft": 48886
  },
  "lease_terms": {
    "effective_date": "2023-08-26",
    "commencement_date": "2023-09-12",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value"
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 152361.37,
      "annual_escalation_rate_percent": 3.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (9.30%)",
        "estimated_monthly_amount_usd": 22854.21
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (20.11%)",
        "estimated_monthly_amount_usd": 15236.14
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 152361.37,
    "late_payment_interest_rate_percent": 11.5
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Minnesota",
  "document_status": "Under Review"
}