<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-2024-9335
Status: Under Review
Governing Jurisdiction: West Virginia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Palmer and Sons Properties, and the Tenant, Murphy-Adams. 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 2024-05-21.

The subject of this lease concerns the Entire suite 46 in Building 2 at the property located at 822 Laura Crescent Suite 083
Smithville, NJ 67185. This Mixed-Use facility consists of approximately 29166 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-07-25, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $64,189.50. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $128,379.00 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 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 13.2% 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-2024-9335",
  "parties": {
    "lessor_details": {
      "name": "Palmer and Sons Properties",
      "entity_type": "Corporation",
      "address": "57354 Samantha Street\nNew Christopher, AK 97361"
    },
    "lessee_details": {
      "name": "Murphy-Adams",
      "entity_type": "LLC",
      "address": "3213 Elizabeth Drives\nSouth John, WY 74243"
    }
  },
  "property_details": {
    "address": "822 Laura Crescent Suite 083\nSmithville, NJ 67185",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire suite 46 in Building 2",
    "square_footage_sqft": 29166
  },
  "lease_terms": {
    "effective_date": "2024-05-21",
    "commencement_date": "2024-07-25",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 64189.5,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (5.92%)",
        "estimated_monthly_amount_usd": 9628.42
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (10.50%)",
        "estimated_monthly_amount_usd": 6418.95
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 128379.0,
    "late_payment_interest_rate_percent": 13.2
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "West Virginia",
  "document_status": "Under Review"
}