<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-2024-1589
Status: Amended
Governing Jurisdiction: Texas

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Jones PLC LLC, and the Tenant, Curtis Inc. 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 2024-06-16.

The subject of this lease concerns the Entire floor 18 in Building 4 at the property located at 7414 Hobbs Streets
Port Paul, UT 67132. This Office facility consists of the specified area and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-09-07, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $164,150.88. This figure is scheduled for an annual increase based on a 3.57% escalation rate. A security deposit of $328,301.76 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 CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Curtis Inc 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 Jones PLC LLC. 

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-2024-1589",
  "parties": {
    "lessor_details": {
      "name": "Jones PLC LLC",
      "entity_type": "Corporation"
    },
    "lessee_details": {
      "name": "Curtis Inc",
      "entity_type": "LLC",
      "address": "666 Cross Islands Apt. 214\nSharonborough, WA 33913"
    }
  },
  "property_details": {
    "address": "7414 Hobbs Streets\nPort Paul, UT 67132",
    "property_type": "Office",
    "lease_area_description": "Entire floor 18 in Building 4"
  },
  "lease_terms": {
    "effective_date": "2024-06-16",
    "commencement_date": "2024-09-07",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 164150.88,
      "annual_escalation_rate_percent": 3.57,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (10.17%)",
        "estimated_monthly_amount_usd": 24622.63
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (19.77%)",
        "estimated_monthly_amount_usd": 16415.09
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 328301.76
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Texas",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Jones PLC LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Jones PLC LLC",
        "Reid PLC Mortgage Corp."
      ]
    }
  ]
}