<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-2023-3724
Status: Executed
Governing Jurisdiction: Alabama

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Clark PLC Properties, and the Tenant, Castillo, Stephens and Rogers. 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 2023-10-16.

The subject of this lease concerns the Entire floor 35B in Building 10 at the property located at 2393 Johnson Summit
New Kylemouth, IL 09113. This Mixed-Use facility consists of approximately 7479 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2023-11-12, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $21,595.61. This figure is scheduled for an annual increase based on a 2.72% escalation rate. A security deposit of $21,595.61 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 180 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 17.0% 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-2023-3724",
  "parties": {
    "lessor_details": {
      "name": "Clark PLC Properties",
      "entity_type": "Limited Partnership",
      "address": "8882 Rogers Passage\nPort Kathleenberg, NM 87755"
    },
    "lessee_details": {
      "name": "Castillo, Stephens and Rogers",
      "entity_type": "S-Corp",
      "address": "3292 Willis Prairie\nNorth Valerie, AZ 68195"
    }
  },
  "property_details": {
    "address": "2393 Johnson Summit\nNew Kylemouth, IL 09113",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire floor 35B in Building 10",
    "square_footage_sqft": 7479
  },
  "lease_terms": {
    "effective_date": "2023-10-16",
    "commencement_date": "2023-11-12",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 21595.61,
      "annual_escalation_rate_percent": 2.72,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (9.47%)",
        "estimated_monthly_amount_usd": 3239.34
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (25.0%)",
        "estimated_monthly_amount_usd": 2159.56
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 21595.61,
    "late_payment_interest_rate_percent": 17.0
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Alabama",
  "document_status": "Executed"
}