<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-2024-9501
Status: Executed
Governing Jurisdiction: Ohio

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Wilkerson Group Properties, and the Tenant, Morgan, Harris and Bass. 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 2024-07-25.

The subject of this lease concerns the Partial unit 27B in Building 3 at the property located at 53083 Tony Groves Apt. 007
Jordantown, LA 76953. This Industrial facility consists of approximately 5059 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-10-06, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $24,658.41. This figure is scheduled for an annual increase based on a 1.55% escalation rate. A security deposit of $24,658.41 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Morgan, Harris and Bass is required to maintain, at minimum, a Commercial General Liability policy of $1,000,000. The certificate of insurance must name all parties as stipulated, including Wilkerson Group Properties. Late payments of rent will accrue interest at a rate of 12.3% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 60 days' notice and involves a penalty structured as 11 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-2024-9501",
  "parties": {
    "lessor_details": {
      "name": "Wilkerson Group Properties",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Morgan, Harris and Bass",
      "entity_type": "S-Corp"
    }
  },
  "property_details": {
    "address": "53083 Tony Groves Apt. 007\nJordantown, LA 76953",
    "property_type": "Industrial",
    "lease_area_description": "Partial unit 27B in Building 3",
    "square_footage_sqft": 5059
  },
  "lease_terms": {
    "effective_date": "2024-07-25",
    "commencement_date": "2024-10-06",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "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": 24658.41,
      "annual_escalation_rate_percent": 1.55,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (22.30%)",
        "estimated_monthly_amount_usd": 3698.76
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (5.84%)",
        "estimated_monthly_amount_usd": 2465.84
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 24658.41,
    "late_payment_interest_rate_percent": 12.3
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Ohio",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Wilkerson Group Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Wilkerson Group Properties",
        "Sparks, Yoder and Stewart Mortgage Corp."
      ]
    }
  ]
}