<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-2024-7133
Status: Draft
Governing Jurisdiction: Florida

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Torres-Martin Inc., and the Tenant, Carey Group. 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 2024-08-01.

The subject of this lease concerns the Partial suite 35A in Building 5 at the property located at 16708 Jeffrey Forge
New April, ND 71612. This Industrial facility consists of approximately 8790 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-10-25, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $29,688.22. This figure is scheduled for an annual increase based on a 2.84% escalation rate. A security deposit of $29,688.22 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 270 days' prior notice. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises is permitted subject to standard conditions.

Late payments of rent will accrue interest at a rate of 6.1% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 60 days' notice and involves a penalty structured as 7 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-2024-7133",
  "parties": {
    "lessor_details": {
      "name": "Torres-Martin Inc.",
      "entity_type": "Limited Partnership",
      "address": "4512 Robles Lock\nEileenville, NH 42920"
    },
    "lessee_details": {
      "name": "Carey Group",
      "entity_type": "Corporation"
    }
  },
  "property_details": {
    "address": "16708 Jeffrey Forge\nNew April, ND 71612",
    "property_type": "Industrial",
    "lease_area_description": "Partial suite 35A in Building 5",
    "square_footage_sqft": 8790
  },
  "lease_terms": {
    "effective_date": "2024-08-01",
    "commencement_date": "2024-10-25",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 29688.22,
      "annual_escalation_rate_percent": 2.84,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (16.73%)",
        "estimated_monthly_amount_usd": 4453.23
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (18.26%)",
        "estimated_monthly_amount_usd": 2968.82
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 29688.22,
    "late_payment_interest_rate_percent": 6.1
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Florida",
  "document_status": "Draft"
}