<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-2024-9831
Status: Under Review
Governing Jurisdiction: South Carolina

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Clark-Martinez Holdings, and the Tenant, Erickson, Smith and Mitchell. 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 2024-02-03.

The subject of this lease concerns the Entire suite 19 in Building 3 at the property located at 6809 Robertson Islands Apt. 309
Frankland, GA 52380. This Office facility consists of approximately 45257 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-13, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $209,238.20. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $418,476.40 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 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 14.4% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 60 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-2024-9831",
  "parties": {
    "lessor_details": {
      "name": "Clark-Martinez Holdings",
      "entity_type": "Corporation",
      "address": "USS Harris\nFPO AE 36681"
    },
    "lessee_details": {
      "name": "Erickson, Smith and Mitchell",
      "entity_type": "LLC",
      "address": "41866 Beard Skyway\nLake Yvonneland, MA 21821"
    }
  },
  "property_details": {
    "address": "6809 Robertson Islands Apt. 309\nFrankland, GA 52380",
    "property_type": "Office",
    "lease_area_description": "Entire suite 19 in Building 3",
    "square_footage_sqft": 45257
  },
  "lease_terms": {
    "effective_date": "2024-02-03",
    "commencement_date": "2024-03-13",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value"
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "8 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 209238.2,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (9.23%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (22.92%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 418476.4,
    "late_payment_interest_rate_percent": 14.4
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "South Carolina",
  "document_status": "Under Review"
}