<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-2024-9273
Status: Draft
Governing Jurisdiction: New Jersey

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Reed-Mccarty Holdings, and the Tenant, Howard-Moore. 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 2024-03-17.

The subject of this lease concerns the Partial suite 46A in Building 4 at the property located at 074 Cole Row
New Davidshire, IL 47956. This Mixed-Use facility consists of approximately 5596 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-06-11, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $8,720.43. This figure is scheduled for an annual increase based on a 2.22% escalation rate. A security deposit of $8,720.43 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 is permitted subject to standard conditions.

Per section 10.1, Howard-Moore is required to maintain, at minimum, a Commercial General Liability policy of $1,000,000. The certificate of insurance must name all parties as stipulated, including Reed-Mccarty Holdings. Late payments of rent will accrue interest at a rate of 8.7% 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-2024-9273",
  "parties": {
    "lessor_details": {
      "name": "Reed-Mccarty Holdings",
      "entity_type": "Corporation",
      "address": "76331 Ashley Row\nKennedyview, AK 18352"
    },
    "lessee_details": {
      "name": "Howard-Moore",
      "entity_type": "Corporation",
      "address": "097 Case Corners\nPort Sheila, MT 19801"
    }
  },
  "property_details": {
    "address": "074 Cole Row\nNew Davidshire, IL 47956",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial suite 46A in Building 4",
    "square_footage_sqft": 5596
  },
  "lease_terms": {
    "effective_date": "2024-03-17",
    "commencement_date": "2024-06-11",
    "initial_term_months": 120,
    "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": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 8720.43,
      "annual_escalation_rate_percent": 2.22,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (19.38%)",
        "estimated_monthly_amount_usd": 1308.06
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (7.23%)",
        "estimated_monthly_amount_usd": 872.04
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 8720.43,
    "late_payment_interest_rate_percent": 8.7
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "New Jersey",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Reed-Mccarty Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Reed-Mccarty Holdings",
        "Jones, Scott and Lopez Mortgage Corp."
      ]
    }
  ]
}