<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-2024-1774
Status: Executed
Governing Jurisdiction: New York

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Montoya, Newton and Poole LLC, and the Tenant, Mack, Ingram and Gregory. 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 2024-07-01.

The subject of this lease concerns the Entire floor 29A in Building 5 at the property located at 83486 Douglas Crescent Apt. 631
North Christianborough, TN 79371. This Mixed-Use facility consists of approximately 36118 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-08-02, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $137,248.40. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $274,496.80 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 90 days' prior notice. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Mack, Ingram and Gregory is required to maintain, at minimum, a Commercial General Liability policy of $1,000,000. The certificate of insurance must name all parties as stipulated, including Montoya, Newton and Poole LLC. Late payments of rent will accrue interest at a rate of 15.3% 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 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-2024-1774",
  "parties": {
    "lessor_details": {
      "name": "Montoya, Newton and Poole LLC",
      "entity_type": "Corporation",
      "address": "66952 Jeremiah Ridge Apt. 390\nEast Karinaborough, PW 58224"
    },
    "lessee_details": {
      "name": "Mack, Ingram and Gregory",
      "entity_type": "LLC"
    }
  },
  "property_details": {
    "address": "83486 Douglas Crescent Apt. 631\nNorth Christianborough, TN 79371",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire floor 29A in Building 5",
    "square_footage_sqft": 36118
  },
  "lease_terms": {
    "effective_date": "2024-07-01",
    "commencement_date": "2024-08-02",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 137248.4,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (5.48%)",
        "estimated_monthly_amount_usd": 20587.26
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (12.09%)",
        "estimated_monthly_amount_usd": 13724.84
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 274496.8,
    "late_payment_interest_rate_percent": 15.3
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "New York",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Montoya, Newton and Poole LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Montoya, Newton and Poole LLC",
        "Mayo PLC Mortgage Corp."
      ]
    }
  ]
}