<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-2024-4001
Status: Draft
Governing Jurisdiction: Virginia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Newton, Carney and Bell Properties, and the Tenant, Newton Inc. 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 2024-06-25.

The subject of this lease concerns the Entire suite 29 in Building 9 at the property located at PSC 2441, Box 1942
APO AA 79007. This Office facility consists of approximately 10374 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-09-07, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $20,298.46. This figure is scheduled for an annual increase based on a 2.12% escalation rate. A security deposit of $40,596.92 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 is permitted subject to standard conditions.

Late payments of rent will accrue interest at a rate of 14.3% 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 7 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-2024-4001",
  "parties": {
    "lessor_details": {
      "name": "Newton, Carney and Bell Properties",
      "entity_type": "Corporation",
      "address": "3565 Lauren Burg Suite 512\nEast Gregory, MD 52568"
    },
    "lessee_details": {
      "name": "Newton Inc",
      "entity_type": "Corporation",
      "address": "22318 Moore Center Suite 208\nSchroederland, MI 82459"
    }
  },
  "property_details": {
    "address": "PSC 2441, Box 1942\nAPO AA 79007",
    "property_type": "Office",
    "lease_area_description": "Entire suite 29 in Building 9",
    "square_footage_sqft": 10374
  },
  "lease_terms": {
    "effective_date": "2024-06-25",
    "commencement_date": "2024-09-07",
    "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": 270
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 20298.46,
      "annual_escalation_rate_percent": 2.12,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (11.16%)",
        "estimated_monthly_amount_usd": 3044.77
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (25.0%)",
        "estimated_monthly_amount_usd": 2029.85
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 40596.92,
    "late_payment_interest_rate_percent": 14.3
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Virginia",
  "document_status": "Draft"
}