<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-2023-2542
Status: Executed
Governing Jurisdiction: Arizona

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Morgan, White and Anderson Inc., and the Tenant, Ferguson 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 2023-12-20.

The subject of this lease concerns the Entire unit 26A in Building 7 at the property located at 84798 Kenneth Road
Lake Jeffrey, IN 30317. This Mixed-Use facility consists of approximately 49575 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-27, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $131,993.44. This figure is scheduled for an annual increase based on a 3.32% escalation rate. A security deposit of $131,993.44 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 180 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 13.6% 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-2023-2542",
  "parties": {
    "lessor_details": {
      "name": "Morgan, White and Anderson Inc.",
      "entity_type": "Corporation",
      "address": "1518 Adam Loaf\nBurnsburgh, MH 44611"
    },
    "lessee_details": {
      "name": "Ferguson and Sons",
      "entity_type": "LLC",
      "address": "USNV Buchanan\nFPO AP 92701"
    }
  },
  "property_details": {
    "address": "84798 Kenneth Road\nLake Jeffrey, IN 30317",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire unit 26A in Building 7",
    "square_footage_sqft": 49575
  },
  "lease_terms": {
    "effective_date": "2023-12-20",
    "commencement_date": "2023-12-27",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 180
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 131993.44,
      "annual_escalation_rate_percent": 3.32,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (21.86%)",
        "estimated_monthly_amount_usd": 19799.02
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (23.95%)",
        "estimated_monthly_amount_usd": 13199.34
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 131993.44,
    "late_payment_interest_rate_percent": 13.6
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Arizona",
  "document_status": "Executed"
}