<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-2023-8422
Status: Draft
Governing Jurisdiction: Virginia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Bates Inc Inc., and the Tenant, Rodriguez Inc. 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 2023-11-20.

The subject of this lease concerns the Partial suite 5 in Building 4 at the property located at 7217 Marshall Ways
Port Laurahaven, LA 96032. This Industrial facility consists of the specified area and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-05, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $157,822.63. This figure is scheduled for an annual increase based on a 1.61% escalation rate. A security deposit of $157,822.63 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 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 17.1% 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-2023-8422",
  "parties": {
    "lessor_details": {
      "name": "Bates Inc Inc.",
      "entity_type": "Corporation",
      "address": "Unit 0350 Box 0243\nDPO AA 85268"
    },
    "lessee_details": {
      "name": "Rodriguez Inc",
      "entity_type": "LLC",
      "address": "872 Luna Rest\nNew Jimmy, MO 58350"
    }
  },
  "property_details": {
    "address": "7217 Marshall Ways\nPort Laurahaven, LA 96032",
    "property_type": "Industrial",
    "lease_area_description": "Partial suite 5 in Building 4"
  },
  "lease_terms": {
    "effective_date": "2023-11-20",
    "commencement_date": "2023-12-05",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 157822.63,
      "annual_escalation_rate_percent": 1.61,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (16.74%)",
        "estimated_monthly_amount_usd": 23673.39
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (16.38%)",
        "estimated_monthly_amount_usd": 15782.26
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 157822.63,
    "late_payment_interest_rate_percent": 17.1
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Virginia",
  "document_status": "Draft"
}