<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-2024-6939
Status: Under Review
Governing Jurisdiction: Colorado

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Kelley, Mccormick and Strickland Ventures, and the Tenant, Fox Inc. 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 2024-03-07.

The subject of this lease concerns the Entire unit 48 in Building 10 at the property located at 76461 Duane Freeway Suite 466
Murphymouth, MT 90641. This Mixed-Use facility consists of the specified area and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-22, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $32,591.00. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $65,182.00 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 365 days' prior notice. During any such renewal, the rent will be adjusted according to Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises requires Landlord's explicit consent.

Late payments of rent will accrue interest at a rate of 13.2% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 180 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-2024-6939",
  "parties": {
    "lessor_details": {
      "name": "Kelley, Mccormick and Strickland Ventures",
      "entity_type": "Limited Partnership",
      "address": "6058 Jocelyn Burgs Suite 732\nEast Marieside, NC 09906"
    },
    "lessee_details": {
      "name": "Fox Inc",
      "entity_type": "S-Corp",
      "address": "06727 Herrera Greens\nDanielmouth, GA 84579"
    }
  },
  "property_details": {
    "address": "76461 Duane Freeway Suite 466\nMurphymouth, MT 90641",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire unit 48 in Building 10"
  },
  "lease_terms": {
    "effective_date": "2024-03-07",
    "commencement_date": "2024-03-22",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 365
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 32591.0,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (14.74%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (12.85%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 65182.0,
    "late_payment_interest_rate_percent": 13.2
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Colorado",
  "document_status": "Under Review"
}