<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-2024-3446
Status: Executed
Governing Jurisdiction: Nevada

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Carpenter Inc LLC, and the Tenant, Williams LLC. 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 2024-02-22.

The subject of this lease concerns the Partial floor 30A in Building 9 at the property located at 9456 Richard Forest Suite 818
East Zachary, WV 99725. This Warehouse facility consists of approximately 44392 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-03-28, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $68,104.73. This figure is scheduled for an annual increase based on a 1.8% escalation rate. A security deposit of $68,104.73 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 180 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 requires Landlord's explicit consent.

Late payments of rent will accrue interest at a rate of 10.3% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 90 days' notice and involves a penalty structured as 6 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-2024-3446",
  "parties": {
    "lessor_details": {
      "name": "Carpenter Inc LLC",
      "entity_type": "Corporation",
      "address": "USNS Morris\nFPO AA 68741"
    },
    "lessee_details": {
      "name": "Williams LLC",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "9456 Richard Forest Suite 818\nEast Zachary, WV 99725",
    "property_type": "Warehouse",
    "lease_area_description": "Partial floor 30A in Building 9",
    "square_footage_sqft": 44392
  },
  "lease_terms": {
    "effective_date": "2024-02-22",
    "commencement_date": "2024-03-28",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 180
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "6 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 60,
        "penalty_details": "11 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 68104.73,
      "annual_escalation_rate_percent": 1.8,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (9.40%)",
        "estimated_monthly_amount_usd": 10215.71
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (22.03%)",
        "estimated_monthly_amount_usd": 6810.47
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 68104.73,
    "late_payment_interest_rate_percent": 10.3
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Nevada",
  "document_status": "Executed"
}