<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-2023-9554
Status: Executed
Governing Jurisdiction: New Jersey

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Fowler-Taylor LLC, and the Tenant, Krueger, Johnson and Coleman. 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 Partial unit 8 in Building 7 at the property located at 97752 Taylor Street
Morenomouth, IL 93312. This Mixed-Use facility consists of the specified area and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2023-11-20, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $6,631.78. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $6,631.78 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 365 days' prior notice. During any such renewal, the rent will be adjusted according to CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises is permitted subject to standard conditions.

Late payments of rent will accrue interest at a rate of 15.4% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 180 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-2023-9554",
  "parties": {
    "lessor_details": {
      "name": "Fowler-Taylor LLC",
      "entity_type": "LLC",
      "address": "692 Brian Pines Apt. 181\nLoriville, WY 63281"
    },
    "lessee_details": {
      "name": "Krueger, Johnson and Coleman",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "97752 Taylor Street\nMorenomouth, IL 93312",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial unit 8 in Building 7"
  },
  "lease_terms": {
    "effective_date": "2023-10-16",
    "commencement_date": "2023-11-20",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 6631.78,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (23.32%)",
        "estimated_monthly_amount_usd": 994.77
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (23.80%)",
        "estimated_monthly_amount_usd": 663.18
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 6631.78,
    "late_payment_interest_rate_percent": 15.4
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "New Jersey",
  "document_status": "Executed"
}