<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-2023-8528
Status: Draft
Governing Jurisdiction: Kansas

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Lee Inc Properties, and the Tenant, Reyes LLC. 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 2023-12-14.

The subject of this lease concerns the Partial unit 49B in Building 4 at the property located at 77714 Colleen Trafficway Suite 764
South Jonathanbury, VA 34596. This Industrial 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 2024-01-08, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $52,744.02. This figure is scheduled for an annual increase based on a 3.07% escalation rate. A security deposit of $52,744.02 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 270 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.

Late payments of rent will accrue interest at a rate of 17.4% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 90 days' notice and involves a penalty structured as 6 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-2023-8528",
  "parties": {
    "lessor_details": {
      "name": "Lee Inc Properties",
      "entity_type": "Limited Partnership",
      "address": "78080 Cynthia Hill Suite 793\nNew Jessica, AS 10382"
    },
    "lessee_details": {
      "name": "Reyes LLC",
      "entity_type": "S-Corp",
      "address": "PSC 5976, Box 5746\nAPO AE 62120"
    }
  },
  "property_details": {
    "address": "77714 Colleen Trafficway Suite 764\nSouth Jonathanbury, VA 34596",
    "property_type": "Industrial",
    "lease_area_description": "Partial unit 49B in Building 4"
  },
  "lease_terms": {
    "effective_date": "2023-12-14",
    "commencement_date": "2024-01-08",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "6 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "8 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 52744.02,
      "annual_escalation_rate_percent": 3.07,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (15.13%)",
        "estimated_monthly_amount_usd": 7911.6
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (8.68%)",
        "estimated_monthly_amount_usd": 5274.4
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 52744.02,
    "late_payment_interest_rate_percent": 17.4
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Kansas",
  "document_status": "Draft"
}