<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-2024-6719
Status: Amended
Governing Jurisdiction: Arkansas

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Smith PLC Inc., and the Tenant, Pacheco, Vaughn and Wilson. 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 2024-02-12.

The subject of this lease concerns the Entire suite 31 in Building 5 at the property located at 0156 Deanna Fort Apt. 364
Lake Gregory, SC 10842. This Warehouse facility consists of approximately 23324 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-04-03, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $44,179.54. This figure is scheduled for an annual increase based on a 4.0% escalation rate. A security deposit of $88,359.08 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 CPI-U Adjustment, not to exceed 4%. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Pacheco, Vaughn and Wilson 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 Smith PLC Inc.. Late payments of rent will accrue interest at a rate of 5.8% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 90 days' notice and involves a penalty structured as 10 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-2024-6719",
  "parties": {
    "lessor_details": {
      "name": "Smith PLC Inc.",
      "entity_type": "Corporation",
      "address": "331 Joseph Path Suite 015\nFloresmouth, PA 41379"
    },
    "lessee_details": {
      "name": "Pacheco, Vaughn and Wilson",
      "entity_type": "Corporation",
      "address": "49253 Linda River\nEricfurt, GA 25409"
    }
  },
  "property_details": {
    "address": "0156 Deanna Fort Apt. 364\nLake Gregory, SC 10842",
    "property_type": "Warehouse",
    "lease_area_description": "Entire suite 31 in Building 5",
    "square_footage_sqft": 23324
  },
  "lease_terms": {
    "effective_date": "2024-02-12",
    "commencement_date": "2024-04-03",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 44179.54,
      "annual_escalation_rate_percent": 4.0,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (12.41%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (12.26%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 88359.08,
    "late_payment_interest_rate_percent": 5.8
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Arkansas",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Smith PLC Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Smith PLC Inc.",
        "Jordan, Avila and Stewart Mortgage Corp."
      ]
    }
  ]
}