<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-2024-8887
Status: Under Review
Governing Jurisdiction: New Jersey

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Becker, Ortiz and White Properties, and the Tenant, Smith-Jones. 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 2024-06-23.

The subject of this lease concerns the Entire suite 35B in Building 3 at the property located at USNS Bennett
FPO AE 23881. This Mixed-Use facility consists of approximately 25626 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-08-30, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $61,267.50. This figure is scheduled for an annual increase based on a 3.11% escalation rate. A security deposit of $122,535.00 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 CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises requires Landlord's explicit consent.

Late payments of rent will accrue interest at a rate of 9.8% per annum. 

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-2024-8887",
  "parties": {
    "lessor_details": {
      "name": "Becker, Ortiz and White Properties",
      "entity_type": "Corporation",
      "address": "4441 Moore Forge\nCookberg, DC 14085"
    },
    "lessee_details": {
      "name": "Smith-Jones",
      "entity_type": "S-Corp",
      "address": "72144 Bender Field Apt. 076\nPort John, OK 35492"
    }
  },
  "property_details": {
    "address": "USNS Bennett\nFPO AE 23881",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire suite 35B in Building 3",
    "square_footage_sqft": 25626
  },
  "lease_terms": {
    "effective_date": "2024-06-23",
    "commencement_date": "2024-08-30",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 61267.5,
      "annual_escalation_rate_percent": 3.11,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (5.71%)",
        "estimated_monthly_amount_usd": 9190.12
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (9.53%)",
        "estimated_monthly_amount_usd": 6126.75
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 122535.0,
    "late_payment_interest_rate_percent": 9.8
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "New Jersey",
  "document_status": "Under Review"
}