<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-2023-9962
Status: Under Review
Governing Jurisdiction: North Carolina

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, English Ltd Properties, and the Tenant, Huber-Boyer. 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 2023-08-28.

The subject of this lease concerns the Entire suite 20B in Building 8 at the property located at 900 Campbell Circle
Ruthstad, AR 57187. This Mixed-Use facility consists of the specified area and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2023-10-14, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $99,629.38. This figure is scheduled for an annual increase based on a 1.58% escalation rate. A security deposit of $99,629.38 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months. 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 12.9% 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-2023-9962",
  "parties": {
    "lessor_details": {
      "name": "English Ltd Properties",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Huber-Boyer",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "900 Campbell Circle\nRuthstad, AR 57187",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire suite 20B in Building 8"
  },
  "lease_terms": {
    "effective_date": "2023-08-28",
    "commencement_date": "2023-10-14",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 99629.38,
      "annual_escalation_rate_percent": 1.58,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (13.99%)",
        "estimated_monthly_amount_usd": 14944.41
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (16.53%)",
        "estimated_monthly_amount_usd": 9962.94
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 99629.38,
    "late_payment_interest_rate_percent": 12.9
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "North Carolina",
  "document_status": "Under Review"
}