<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-2024-1268
Status: Executed
Governing Jurisdiction: Alaska

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Morgan-Cross Properties, and the Tenant, Figueroa, Carter and Haynes. 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 2024-06-03.

The subject of this lease concerns the Entire unit 8A in Building 7 at the property located at 67711 John Street Apt. 949
Michaelside, PR 79144. This Mixed-Use facility consists of approximately 10095 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-08-27, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $14,982.66. This figure is scheduled for an annual increase based on a 1.86% escalation rate. A security deposit of $29,965.32 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 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 is permitted subject to standard conditions.

Late payments of rent will accrue interest at a rate of 15.5% 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 12 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-2024-1268",
  "parties": {
    "lessor_details": {
      "name": "Morgan-Cross Properties",
      "entity_type": "Limited Partnership",
      "address": "47087 Rivera Islands\nBaileyton, MN 91011"
    },
    "lessee_details": {
      "name": "Figueroa, Carter and Haynes",
      "entity_type": "Corporation",
      "address": "303 Golden Bridge Suite 207\nWest Adammouth, KY 31973"
    }
  },
  "property_details": {
    "address": "67711 John Street Apt. 949\nMichaelside, PR 79144",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire unit 8A in Building 7",
    "square_footage_sqft": 10095
  },
  "lease_terms": {
    "effective_date": "2024-06-03",
    "commencement_date": "2024-08-27",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 14982.66,
      "annual_escalation_rate_percent": 1.86,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (7.36%)",
        "estimated_monthly_amount_usd": 2247.4
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (18.77%)",
        "estimated_monthly_amount_usd": 1498.27
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 29965.32,
    "late_payment_interest_rate_percent": 15.5
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Alaska",
  "document_status": "Executed"
}