<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-2023-4049
Status: Amended
Governing Jurisdiction: Utah

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Jackson, Baxter and Jones Inc., and the Tenant, Perez, Bell and Roberson. 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 2023-10-14.

The subject of this lease concerns the Entire unit 21A in Building 3 at the property located at 005 Diane Creek
Johnsonhaven, SC 53885. This Office facility consists of the specified area and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-14, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $29,948.58. This figure is scheduled for an annual increase based on a 1.52% escalation rate. A security deposit of $59,897.16 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 180 days' prior notice. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Perez, Bell and Roberson is required to maintain, at minimum, a Commercial General Liability policy of $5,000,000. The certificate of insurance must name all parties as stipulated, including Jackson, Baxter and Jones Inc.. Late payments of rent will accrue interest at a rate of 13.5% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 60 days' notice and involves a penalty structured as 9 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-2023-4049",
  "parties": {
    "lessor_details": {
      "name": "Jackson, Baxter and Jones Inc.",
      "entity_type": "LLC",
      "address": "066 Shawna Rapid\nEast Josephstad, NH 67642"
    },
    "lessee_details": {
      "name": "Perez, Bell and Roberson",
      "entity_type": "S-Corp",
      "address": "9088 Stephen Plaza\nTaylorfurt, AL 03919"
    }
  },
  "property_details": {
    "address": "005 Diane Creek\nJohnsonhaven, SC 53885",
    "property_type": "Office",
    "lease_area_description": "Entire unit 21A in Building 3"
  },
  "lease_terms": {
    "effective_date": "2023-10-14",
    "commencement_date": "2023-12-14",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 29948.58,
      "annual_escalation_rate_percent": 1.52,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (12.13%)",
        "estimated_monthly_amount_usd": 4492.29
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (12.71%)",
        "estimated_monthly_amount_usd": 2994.86
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 59897.16,
    "late_payment_interest_rate_percent": 13.5
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Utah",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Jackson, Baxter and Jones Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Jackson, Baxter and Jones Inc.",
        "Roman Ltd Mortgage Corp."
      ]
    }
  ]
}