<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-2024-4479
Status: Amended
Governing Jurisdiction: South Dakota

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Pierce Group Properties, and the Tenant, Woodard, Martinez and Keith. 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 2024-08-11.

The subject of this lease concerns the Partial suite 10 in Building 5 at the property located at 6941 Jennifer Viaduct Suite 133
New Brookeport, MS 24959. This Industrial facility consists of approximately 48197 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-08-23, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $133,104.05. This figure is scheduled for an annual increase based on a 2.63% escalation rate. A security deposit of $266,208.10 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 90 days' prior notice. 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.

Late payments of rent will accrue interest at a rate of 15.7% per annum. Note the existence of a Co-tenancy Failure 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-2024-4479",
  "parties": {
    "lessor_details": {
      "name": "Pierce Group Properties",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Woodard, Martinez and Keith",
      "entity_type": "Corporation",
      "address": "2824 Clarence Skyway\nNorth Stevenfort, MS 88895"
    }
  },
  "property_details": {
    "address": "6941 Jennifer Viaduct Suite 133\nNew Brookeport, MS 24959",
    "property_type": "Industrial",
    "lease_area_description": "Partial suite 10 in Building 5",
    "square_footage_sqft": 48197
  },
  "lease_terms": {
    "effective_date": "2024-08-11",
    "commencement_date": "2024-08-23",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 133104.05,
      "annual_escalation_rate_percent": 2.63,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (6.61%)",
        "estimated_monthly_amount_usd": 19965.61
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (7.27%)",
        "estimated_monthly_amount_usd": 13310.4
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 266208.1,
    "late_payment_interest_rate_percent": 15.7
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "South Dakota",
  "document_status": "Amended"
}