<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-2024-4531
Status: Draft
Governing Jurisdiction: Michigan

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Campbell-Barrett Properties, and the Tenant, Klein-Wright. 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 2024-04-26.

The subject of this lease concerns the Partial unit 48A in Building 1 at the property located at 674 Meyer Station Suite 062
East Christopher, NY 02763. This Warehouse facility consists of the specified area and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-06-24, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $38,002.40. This figure is scheduled for an annual increase based on a 1.89% escalation rate. A security deposit of $38,002.40 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 180 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 requires Landlord's explicit consent.

Late payments of rent will accrue interest at a rate of 18.0% 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-2024-4531",
  "parties": {
    "lessor_details": {
      "name": "Campbell-Barrett Properties",
      "entity_type": "LLC",
      "address": "320 Horton Tunnel Suite 583\nSouth Sandra, KS 34057"
    },
    "lessee_details": {
      "name": "Klein-Wright",
      "entity_type": "LLC",
      "address": "18960 Matthew Creek Apt. 389\nPort Lindseymouth, SD 30738"
    }
  },
  "property_details": {
    "address": "674 Meyer Station Suite 062\nEast Christopher, NY 02763",
    "property_type": "Warehouse",
    "lease_area_description": "Partial unit 48A in Building 1"
  },
  "lease_terms": {
    "effective_date": "2024-04-26",
    "commencement_date": "2024-06-24",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 180
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 38002.4,
      "annual_escalation_rate_percent": 1.89,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (25.0%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (14.97%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 38002.4,
    "late_payment_interest_rate_percent": 18.0
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Michigan",
  "document_status": "Draft"
}