<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-2024-7017
Status: Executed
Governing Jurisdiction: North Dakota

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Smith, Jones and Love Inc., and the Tenant, Reynolds, Gates and Wright. 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 2024-01-23.

The subject of this lease concerns the Partial suite 37B in Building 8 at the property located at 7892 Miller Run Apt. 147
Paulaland, MO 84709. This Industrial facility consists of approximately 37263 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-02-15, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $51,516.10. This figure is scheduled for an annual increase based on a 1.83% escalation rate. A security deposit of $51,516.10 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 365 days' prior notice. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises is permitted subject to standard conditions.

Late payments of rent will accrue interest at a rate of 11.5% 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 9 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-2024-7017",
  "parties": {
    "lessor_details": {
      "name": "Smith, Jones and Love Inc.",
      "entity_type": "LLC",
      "address": "84245 Alexis Estate Apt. 766\nNorth Dennisfurt, RI 02945"
    },
    "lessee_details": {
      "name": "Reynolds, Gates and Wright",
      "entity_type": "LLC",
      "address": "00549 Martinez Way\nNorth Seanburgh, MI 27953"
    }
  },
  "property_details": {
    "address": "7892 Miller Run Apt. 147\nPaulaland, MO 84709",
    "property_type": "Industrial",
    "lease_area_description": "Partial suite 37B in Building 8",
    "square_footage_sqft": 37263
  },
  "lease_terms": {
    "effective_date": "2024-01-23",
    "commencement_date": "2024-02-15",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 365
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 51516.1,
      "annual_escalation_rate_percent": 1.83,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (20.99%)",
        "estimated_monthly_amount_usd": 7727.42
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (11.26%)",
        "estimated_monthly_amount_usd": 5151.61
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 51516.1,
    "late_payment_interest_rate_percent": 11.5
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "North Dakota",
  "document_status": "Executed"
}