<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-2024-9943
Status: Amended
Governing Jurisdiction: Idaho

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Cruz-Robbins Properties, and the Tenant, Johnson and Sons. 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 2024-08-04.

The subject of this lease concerns the Partial suite 27A in Building 10 at the property located at 909 Jasmine Alley Suite 789
Carpenterhaven, VT 72114. This Office facility consists of approximately 16471 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-08-09, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $63,838.85. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $63,838.85 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 180 days' prior notice. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises is permitted subject to standard conditions.

Late payments of rent will accrue interest at a rate of 7.0% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 60 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-2024-9943",
  "parties": {
    "lessor_details": {
      "name": "Cruz-Robbins Properties",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Johnson and Sons",
      "entity_type": "S-Corp",
      "address": "PSC 0331, Box 3344\nAPO AE 93386"
    }
  },
  "property_details": {
    "address": "909 Jasmine Alley Suite 789\nCarpenterhaven, VT 72114",
    "property_type": "Office",
    "lease_area_description": "Partial suite 27A in Building 10",
    "square_footage_sqft": 16471
  },
  "lease_terms": {
    "effective_date": "2024-08-04",
    "commencement_date": "2024-08-09",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 63838.85,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (20.69%)",
        "estimated_monthly_amount_usd": 9575.83
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (16.43%)",
        "estimated_monthly_amount_usd": 6383.88
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 63838.85,
    "late_payment_interest_rate_percent": 7.0
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Idaho",
  "document_status": "Amended"
}