<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-2023-1275
Status: Under Review
Governing Jurisdiction: New Jersey

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Greer, Washington and Duffy Inc., and the Tenant, Yates, Tyler and Thompson. 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 2023-09-05.

The subject of this lease concerns the Entire floor 21A in Building 8 at the property located at 4574 Smith Course Suite 737
Michealshire, OK 44909. This Office facility consists of approximately 46409 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-11-19, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $174,304.47. This figure is scheduled for an annual increase based on a 3.26% escalation rate. A security deposit of $174,304.47 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 Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises requires Landlord's explicit consent.

Late payments of rent will accrue interest at a rate of 9.0% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 180 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-2023-1275",
  "parties": {
    "lessor_details": {
      "name": "Greer, Washington and Duffy Inc.",
      "entity_type": "Corporation",
      "address": "9524 Wagner Run Suite 623\nTroyburgh, AL 68341"
    },
    "lessee_details": {
      "name": "Yates, Tyler and Thompson",
      "entity_type": "Corporation",
      "address": "9594 Catherine Land Suite 365\nNorth Andreafurt, NM 32132"
    }
  },
  "property_details": {
    "address": "4574 Smith Course Suite 737\nMichealshire, OK 44909",
    "property_type": "Office",
    "lease_area_description": "Entire floor 21A in Building 8",
    "square_footage_sqft": 46409
  },
  "lease_terms": {
    "effective_date": "2023-09-05",
    "commencement_date": "2023-11-19",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 174304.47,
      "annual_escalation_rate_percent": 3.26,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (5.47%)",
        "estimated_monthly_amount_usd": 26145.67
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (9.36%)",
        "estimated_monthly_amount_usd": 17430.45
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 174304.47,
    "late_payment_interest_rate_percent": 9.0
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "New Jersey",
  "document_status": "Under Review"
}