<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-2024-7048
Status: Draft
Governing Jurisdiction: Vermont

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Cooper, Ramirez and Miller Properties, and the Tenant, Morrow-Velasquez. 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 2024-07-15.

The subject of this lease concerns the Partial unit 20B in Building 2 at the property located at 2625 Castillo Wells
Greerberg, RI 81756. This Office facility consists of approximately 16658 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-07-16, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $57,942.08. This figure is scheduled for an annual increase based on a 3.84% escalation rate. A security deposit of $57,942.08 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 90 days' prior notice. 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 requires Landlord's explicit consent.

Note the existence of a Tenant Early Termination Option clause, which can be triggered with 60 days' notice and involves a penalty structured as 10 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-2024-7048",
  "parties": {
    "lessor_details": {
      "name": "Cooper, Ramirez and Miller Properties",
      "entity_type": "Limited Partnership",
      "address": "74378 Melissa Landing\nSouth Larry, CT 32392"
    },
    "lessee_details": {
      "name": "Morrow-Velasquez",
      "entity_type": "S-Corp",
      "address": "PSC 3079, Box 4417\nAPO AP 35709"
    }
  },
  "property_details": {
    "address": "2625 Castillo Wells\nGreerberg, RI 81756",
    "property_type": "Office",
    "lease_area_description": "Partial unit 20B in Building 2",
    "square_footage_sqft": 16658
  },
  "lease_terms": {
    "effective_date": "2024-07-15",
    "commencement_date": "2024-07-16",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 57942.08,
      "annual_escalation_rate_percent": 3.84,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (16.43%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (25.0%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 57942.08
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Vermont",
  "document_status": "Draft"
}