<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-2024-9929
Status: Amended
Governing Jurisdiction: Delaware

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Jenkins Group Properties, and the Tenant, Cooper PLC. 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 2024-06-07.

The subject of this lease concerns the Partial suite 30A in Building 8 at the property located at 791 Jimmy Rapid Suite 924
Lake Jennychester, VT 51457. This Warehouse facility consists of approximately 15089 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-08-07, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $19,779.16. This figure is scheduled for an annual increase based on a 1.84% escalation rate. A security deposit of $39,558.32 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 requires Landlord's explicit consent.

Per section 10.1, Cooper PLC is required to maintain, at minimum, a Commercial General Liability policy of $5,000,000. The certificate of insurance must name all parties as stipulated, including Jenkins Group Properties. Late payments of rent will accrue interest at a rate of 15.7% 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-2024-9929",
  "parties": {
    "lessor_details": {
      "name": "Jenkins Group Properties",
      "entity_type": "Corporation",
      "address": "1675 David Brooks Suite 734\nWest Charleston, GU 43621"
    },
    "lessee_details": {
      "name": "Cooper PLC",
      "entity_type": "LLC",
      "address": "Unit 9845 Box 4126\nDPO AA 43744"
    }
  },
  "property_details": {
    "address": "791 Jimmy Rapid Suite 924\nLake Jennychester, VT 51457",
    "property_type": "Warehouse",
    "lease_area_description": "Partial suite 30A in Building 8",
    "square_footage_sqft": 15089
  },
  "lease_terms": {
    "effective_date": "2024-06-07",
    "commencement_date": "2024-08-07",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 19779.16,
      "annual_escalation_rate_percent": 1.84,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (21.88%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (12.74%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 39558.32,
    "late_payment_interest_rate_percent": 15.7
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Delaware",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Jenkins Group Properties"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Jenkins Group Properties",
        "Jones-Pennington Mortgage Corp."
      ]
    }
  ]
}