<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-2023-6591
Status: Executed
Governing Jurisdiction: North Carolina

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Moore Ltd Inc., and the Tenant, Moore Ltd. 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 2023-08-28.

The subject of this lease concerns the Entire suite 11A in Building 4 at the property located at 0126 Bennett Dam Suite 155
South Joybury, TN 18829. This Warehouse facility consists of approximately 21996 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2023-09-02, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $107,963.70. This figure is scheduled for an annual increase based on a 3.95% escalation rate. A security deposit of $107,963.70 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises requires Landlord's explicit consent.

Late payments of rent will accrue interest at a rate of 7.2% 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-2023-6591",
  "parties": {
    "lessor_details": {
      "name": "Moore Ltd Inc.",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Moore Ltd",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "0126 Bennett Dam Suite 155\nSouth Joybury, TN 18829",
    "property_type": "Warehouse",
    "lease_area_description": "Entire suite 11A in Building 4",
    "square_footage_sqft": 21996
  },
  "lease_terms": {
    "effective_date": "2023-08-28",
    "commencement_date": "2023-09-02",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 107963.7,
      "annual_escalation_rate_percent": 3.95,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (5.63%)",
        "estimated_monthly_amount_usd": 16194.56
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (11.55%)",
        "estimated_monthly_amount_usd": 10796.37
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 107963.7,
    "late_payment_interest_rate_percent": 7.2
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "North Carolina",
  "document_status": "Executed"
}