<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-2023-6399
Status: Under Review
Governing Jurisdiction: New Jersey

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Peterson and Sons Inc., and the Tenant, Bean, Anderson and Odonnell. 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 2023-08-23.

The subject of this lease concerns the Partial suite 3B in Building 6 at the property located at 92639 Elizabeth Courts Apt. 403
Aaronland, PR 27624. This Mixed-Use facility consists of approximately 45446 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2023-09-15, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $193,789.32. This figure is scheduled for an annual increase based on a 3.49% escalation rate. A security deposit of $193,789.32 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 7.3% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 90 days' notice and involves a penalty structured as 11 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-2023-6399",
  "parties": {
    "lessor_details": {
      "name": "Peterson and Sons Inc.",
      "entity_type": "Limited Partnership",
      "address": "55773 Daniel Stream Apt. 380\nEricksonland, AS 53723"
    },
    "lessee_details": {
      "name": "Bean, Anderson and Odonnell",
      "entity_type": "S-Corp",
      "address": "USNV Huber\nFPO AA 25200"
    }
  },
  "property_details": {
    "address": "92639 Elizabeth Courts Apt. 403\nAaronland, PR 27624",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial suite 3B in Building 6",
    "square_footage_sqft": 45446
  },
  "lease_terms": {
    "effective_date": "2023-08-23",
    "commencement_date": "2023-09-15",
    "initial_term_months": 84,
    "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,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 193789.32,
      "annual_escalation_rate_percent": 3.49,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (21.38%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (21.75%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 193789.32,
    "late_payment_interest_rate_percent": 7.3
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "New Jersey",
  "document_status": "Under Review"
}