<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-2024-8295
Status: Under Review
Governing Jurisdiction: New York

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Park-Strong Ventures, and the Tenant, Williams 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 2024-07-18.

The subject of this lease concerns the Partial floor 24B in Building 7 at the property located at 914 Jacobs View Suite 820
Port Makaylamouth, DC 23028. This Warehouse facility consists of approximately 47956 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-08-18, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $184,270.93. This figure is scheduled for an annual increase based on a 2.19% escalation rate. A security deposit of $368,541.86 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, Williams PLC is required to maintain, at minimum, a Commercial General Liability policy of $2,000,000. The certificate of insurance must name all parties as stipulated, including Park-Strong Ventures. Late payments of rent will accrue interest at a rate of 7.1% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 90 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-2024-8295",
  "parties": {
    "lessor_details": {
      "name": "Park-Strong Ventures",
      "entity_type": "Limited Partnership",
      "address": "59717 Jennifer Inlet Apt. 000\nNorth Brittanyport, MH 63516"
    },
    "lessee_details": {
      "name": "Williams PLC",
      "entity_type": "Corporation",
      "address": "2722 Moss Branch Suite 011\nLake Samuelchester, SD 66145"
    }
  },
  "property_details": {
    "address": "914 Jacobs View Suite 820\nPort Makaylamouth, DC 23028",
    "property_type": "Warehouse",
    "lease_area_description": "Partial floor 24B in Building 7",
    "square_footage_sqft": 47956
  },
  "lease_terms": {
    "effective_date": "2024-07-18",
    "commencement_date": "2024-08-18",
    "initial_term_months": 120,
    "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": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "5 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 184270.93,
      "annual_escalation_rate_percent": 2.19,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (23.43%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (25.0%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 368541.86,
    "late_payment_interest_rate_percent": 7.1
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "New York",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Park-Strong Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Park-Strong Ventures",
        "Williams, Berry and Henry Mortgage Corp."
      ]
    }
  ]
}