<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-2024-6366
Status: Executed
Governing Jurisdiction: Montana

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Parker-Maxwell Properties, and the Tenant, Jones, Cross and Li. 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 2024-06-06.

The subject of this lease concerns the Partial suite 29B in Building 10 at the property located at 974 Miles Mills
Evanston, AL 66203. This Industrial facility consists of approximately 27032 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-06-09, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $116,733.19. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $116,733.19 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 270 days' prior notice. 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 17.5% 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 12 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-2024-6366",
  "parties": {
    "lessor_details": {
      "name": "Parker-Maxwell Properties",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Jones, Cross and Li",
      "entity_type": "S-Corp",
      "address": "USS Blair\nFPO AE 87448"
    }
  },
  "property_details": {
    "address": "974 Miles Mills\nEvanston, AL 66203",
    "property_type": "Industrial",
    "lease_area_description": "Partial suite 29B in Building 10",
    "square_footage_sqft": 27032
  },
  "lease_terms": {
    "effective_date": "2024-06-06",
    "commencement_date": "2024-06-09",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 116733.19,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (24.92%)",
        "estimated_monthly_amount_usd": 17509.98
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (5.77%)",
        "estimated_monthly_amount_usd": 11673.32
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 116733.19,
    "late_payment_interest_rate_percent": 17.5
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Montana",
  "document_status": "Executed"
}