<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-2023-7052
Status: Under Review
Governing Jurisdiction: Kentucky

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Logan PLC Properties, and the Tenant, Malone, Williams and Lopez. 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 2023-12-06.

The subject of this lease concerns the Partial unit 7 in Building 3 at the property located at 10459 Brock Crossroad
West Robinton, WI 85632. This Warehouse facility consists of approximately 41181 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-01-09, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $148,182.96. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $148,182.96 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months. 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 is permitted subject to standard conditions.

Late payments of rent will accrue interest at a rate of 7.7% 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 8 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-2023-7052",
  "parties": {
    "lessor_details": {
      "name": "Logan PLC Properties",
      "entity_type": "LLC",
      "address": "9089 Wilson Street\nLauraburgh, MO 52572"
    },
    "lessee_details": {
      "name": "Malone, Williams and Lopez",
      "entity_type": "Corporation",
      "address": "87375 Brown Forest Suite 209\nPort Lori, ND 53210"
    }
  },
  "property_details": {
    "address": "10459 Brock Crossroad\nWest Robinton, WI 85632",
    "property_type": "Warehouse",
    "lease_area_description": "Partial unit 7 in Building 3",
    "square_footage_sqft": 41181
  },
  "lease_terms": {
    "effective_date": "2023-12-06",
    "commencement_date": "2024-01-09",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "8 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "4 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 148182.96,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (16.04%)",
        "estimated_monthly_amount_usd": 22227.44
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (21.96%)",
        "estimated_monthly_amount_usd": 14818.3
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 148182.96,
    "late_payment_interest_rate_percent": 7.7
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Kentucky",
  "document_status": "Under Review"
}