<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-2023-4395
Status: Amended
Governing Jurisdiction: Pennsylvania

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Martin, Booker and Koch Ventures, and the Tenant, French-Morris. 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 2023-10-03.

The subject of this lease concerns the Partial floor 42 in Building 1 at the property located at 1121 Cox Haven Apt. 902
North Melanie, OK 58071. This Industrial facility consists of the specified area and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-10-24, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $56,979.01. This figure is scheduled for an annual increase based on a 2.15% escalation rate. A security deposit of $56,979.01 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 requires Landlord's explicit consent.

Late payments of rent will accrue interest at a rate of 12.9% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 180 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-2023-4395",
  "parties": {
    "lessor_details": {
      "name": "Martin, Booker and Koch Ventures",
      "entity_type": "Limited Partnership",
      "address": "31422 Heather Drive\nPort Katherine, MS 42695"
    },
    "lessee_details": {
      "name": "French-Morris",
      "entity_type": "Corporation",
      "address": "1487 Chloe Circles\nStacyton, PA 66080"
    }
  },
  "property_details": {
    "address": "1121 Cox Haven Apt. 902\nNorth Melanie, OK 58071",
    "property_type": "Industrial",
    "lease_area_description": "Partial floor 42 in Building 1"
  },
  "lease_terms": {
    "effective_date": "2023-10-03",
    "commencement_date": "2023-10-24",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 56979.01,
      "annual_escalation_rate_percent": 2.15,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (13.50%)",
        "estimated_monthly_amount_usd": 8546.85
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (19.68%)",
        "estimated_monthly_amount_usd": 5697.9
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 56979.01,
    "late_payment_interest_rate_percent": 12.9
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Pennsylvania",
  "document_status": "Amended"
}