<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-2024-8142
Status: Draft
Governing Jurisdiction: Louisiana

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Buck, Mills and Wise LLC, and the Tenant, Miller, Parker and Richardson. 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 2024-03-17.

The subject of this lease concerns the Entire unit 10 in Building 9 at the property located at Unit 3525 Box 5403
DPO AP 10734. This Retail facility consists of approximately 28299 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-23, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $60,890.02. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $121,780.04 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises is permitted subject to standard conditions.

Late payments of rent will accrue interest at a rate of 14.8% per annum. Note the existence of a Tenant Early Termination Option 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-2024-8142",
  "parties": {
    "lessor_details": {
      "name": "Buck, Mills and Wise LLC",
      "entity_type": "LLC",
      "address": "63324 Williamson Pike\nNew Johnton, ID 02682"
    },
    "lessee_details": {
      "name": "Miller, Parker and Richardson",
      "entity_type": "LLC",
      "address": "206 Amanda Fork Apt. 213\nLake Paulland, CA 35218"
    }
  },
  "property_details": {
    "address": "Unit 3525 Box 5403\nDPO AP 10734",
    "property_type": "Retail",
    "lease_area_description": "Entire unit 10 in Building 9",
    "square_footage_sqft": 28299
  },
  "lease_terms": {
    "effective_date": "2024-03-17",
    "commencement_date": "2024-03-23",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "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": 60890.02,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (9.75%)",
        "estimated_monthly_amount_usd": 9133.5
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (10.40%)",
        "estimated_monthly_amount_usd": 6089.0
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 121780.04,
    "late_payment_interest_rate_percent": 14.8
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Louisiana",
  "document_status": "Draft"
}