<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-2024-8629
Status: Executed
Governing Jurisdiction: Iowa

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Santiago, Martin and Richards Inc., and the Tenant, Mathis, Norman and Salas. 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 floor 48B in Building 5 at the property located at 5090 Baker Orchard
North Nancy, NJ 21530. This Retail facility consists of approximately 10297 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-07-22, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $20,388.06. This figure is scheduled for an annual increase based on a 1.56% escalation rate. A security deposit of $40,776.12 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months. 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 15.4% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 180 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-2024-8629",
  "parties": {
    "lessor_details": {
      "name": "Santiago, Martin and Richards Inc.",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Mathis, Norman and Salas",
      "entity_type": "Corporation",
      "address": "9835 Pearson Turnpike Suite 278\nBennettmouth, VT 23123"
    }
  },
  "property_details": {
    "address": "5090 Baker Orchard\nNorth Nancy, NJ 21530",
    "property_type": "Retail",
    "lease_area_description": "Entire floor 48B in Building 5",
    "square_footage_sqft": 10297
  },
  "lease_terms": {
    "effective_date": "2024-06-25",
    "commencement_date": "2024-07-22",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value"
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 20388.06,
      "annual_escalation_rate_percent": 1.56,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (16.62%)",
        "estimated_monthly_amount_usd": 3058.21
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (12.11%)",
        "estimated_monthly_amount_usd": 2038.81
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 40776.12,
    "late_payment_interest_rate_percent": 15.4
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Iowa",
  "document_status": "Executed"
}