<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-2024-1744
Status: Under Review
Governing Jurisdiction: New Jersey

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Mills-Elliott Properties, and the Tenant, Edwards, Thompson and Young. 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 2024-07-13.

The subject of this lease concerns the Entire unit 21A in Building 6 at the property located at 2883 Kathleen Court Suite 996
Hawkinsmouth, LA 55257. This Office facility consists of approximately 4646 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-09-19, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $19,520.94. This figure is scheduled for an annual increase based on a 2.38% escalation rate. A security deposit of $39,041.88 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 requires Landlord's explicit consent.

Note the existence of a Co-tenancy Failure clause, which can be triggered with 60 days' notice and involves a penalty structured as 9 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-2024-1744",
  "parties": {
    "lessor_details": {
      "name": "Mills-Elliott Properties",
      "entity_type": "LLC",
      "address": "91697 Small Harbors\nAlbertbury, GA 79998"
    },
    "lessee_details": {
      "name": "Edwards, Thompson and Young",
      "entity_type": "Corporation",
      "address": "85477 Beth Roads Apt. 147\nNew Justinbury, NH 11845"
    }
  },
  "property_details": {
    "address": "2883 Kathleen Court Suite 996\nHawkinsmouth, LA 55257",
    "property_type": "Office",
    "lease_area_description": "Entire unit 21A in Building 6",
    "square_footage_sqft": 4646
  },
  "lease_terms": {
    "effective_date": "2024-07-13",
    "commencement_date": "2024-09-19",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 270
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 19520.94,
      "annual_escalation_rate_percent": 2.38,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (17.56%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (13.05%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 39041.88
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "New Jersey",
  "document_status": "Under Review"
}