<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-2024-8308
Status: Under Review
Governing Jurisdiction: Minnesota

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Powell-Roach Inc., and the Tenant, Williams and Sons. 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 2024-05-06.

The subject of this lease concerns the Partial suite 4B in Building 6 at the property located at 21927 Stephanie Shoals
New Cassandraland, AZ 42750. This Office facility consists of approximately 20730 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-07-17, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $98,657.52. This figure is scheduled for an annual increase based on a 3.43% escalation rate. A security deposit of $98,657.52 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 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 11.5% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 60 days' notice and involves a penalty structured as 3 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-2024-8308",
  "parties": {
    "lessor_details": {
      "name": "Powell-Roach Inc.",
      "entity_type": "Corporation",
      "address": "6512 Jacob Green\nEast Marcbury, MN 83910"
    },
    "lessee_details": {
      "name": "Williams and Sons",
      "entity_type": "S-Corp",
      "address": "1714 Reyes Ramp\nSarahshire, KS 95619"
    }
  },
  "property_details": {
    "address": "21927 Stephanie Shoals\nNew Cassandraland, AZ 42750",
    "property_type": "Office",
    "lease_area_description": "Partial suite 4B in Building 6",
    "square_footage_sqft": 20730
  },
  "lease_terms": {
    "effective_date": "2024-05-06",
    "commencement_date": "2024-07-17",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 98657.52,
      "annual_escalation_rate_percent": 3.43,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (24.85%)",
        "estimated_monthly_amount_usd": 14798.63
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (13.95%)",
        "estimated_monthly_amount_usd": 9865.75
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 98657.52,
    "late_payment_interest_rate_percent": 11.5
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Minnesota",
  "document_status": "Under Review"
}