<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-2024-8682
Status: Under Review
Governing Jurisdiction: West Virginia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Thomas, Ortega and Phillips LLC, and the Tenant, Mack 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 2024-04-17.

The subject of this lease concerns the Partial unit 27B in Building 2 at the property located at 72816 Donna Island
Port Maryborough, CO 58248. This Office facility consists of approximately 45100 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-04-24, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $95,837.50. This figure is scheduled for an annual increase based on a 3.24% escalation rate. A security deposit of $191,675.00 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 90 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 is permitted subject to standard conditions.

Late payments of rent will accrue interest at a rate of 14.0% 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-2024-8682",
  "parties": {
    "lessor_details": {
      "name": "Thomas, Ortega and Phillips LLC",
      "entity_type": "Limited Partnership",
      "address": "9119 Shepherd Ville Suite 656\nSouth Kirkville, AS 30212"
    },
    "lessee_details": {
      "name": "Mack PLC",
      "entity_type": "Corporation"
    }
  },
  "property_details": {
    "address": "72816 Donna Island\nPort Maryborough, CO 58248",
    "property_type": "Office",
    "lease_area_description": "Partial unit 27B in Building 2",
    "square_footage_sqft": 45100
  },
  "lease_terms": {
    "effective_date": "2024-04-17",
    "commencement_date": "2024-04-24",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 95837.5,
      "annual_escalation_rate_percent": 3.24,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (14.69%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (15.85%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 191675.0,
    "late_payment_interest_rate_percent": 14.0
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "West Virginia",
  "document_status": "Under Review"
}