<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-2024-8063
Status: Executed
Governing Jurisdiction: Connecticut

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Ruiz, Norman and Bennett Ventures, and the Tenant, Morgan Ltd. 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 2024-06-09.

The subject of this lease concerns the Entire suite 11 in Building 1 at the property located at 82721 Erin Meadow Apt. 514
New Nicholas, CO 26500. This Retail facility consists of the specified area and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-09-05, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $95,964.05. This figure is scheduled for an annual increase based on a 3.74% escalation rate. A security deposit of $191,928.10 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 Fixed 3% annual increase. Any potential sublease of the premises is permitted subject to standard conditions.

Note the existence of a Co-tenancy Failure clause, which can be triggered with 90 days' notice and involves a penalty structured as 10 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-2024-8063",
  "parties": {
    "lessor_details": {
      "name": "Ruiz, Norman and Bennett Ventures",
      "entity_type": "Limited Partnership",
      "address": "078 Thompson Groves Apt. 708\nDuffyburgh, NC 65883"
    },
    "lessee_details": {
      "name": "Morgan Ltd",
      "entity_type": "S-Corp",
      "address": "97405 Stevens Estates Suite 185\nWest Tracy, TX 04496"
    }
  },
  "property_details": {
    "address": "82721 Erin Meadow Apt. 514\nNew Nicholas, CO 26500",
    "property_type": "Retail",
    "lease_area_description": "Entire suite 11 in Building 1"
  },
  "lease_terms": {
    "effective_date": "2024-06-09",
    "commencement_date": "2024-09-05",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 95964.05,
      "annual_escalation_rate_percent": 3.74,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (7.60%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (15.28%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 191928.1
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Connecticut",
  "document_status": "Executed"
}