<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-2024-6128
Status: Amended
Governing Jurisdiction: South Carolina

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Patterson and Sons Inc., and the Tenant, Bennett 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 2024-01-23.

The subject of this lease concerns the Entire floor 41B in Building 4 at the property located at 76495 Murphy Drives
Valenciatown, FM 96307. This Warehouse facility consists of approximately 31609 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-02-13, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $105,416.02. This figure is scheduled for an annual increase based on a 2.07% escalation rate. A security deposit of $105,416.02 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 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.

Note the existence of a Co-tenancy Failure clause, which can be triggered with 90 days' notice and involves a penalty structured as 7 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-2024-6128",
  "parties": {
    "lessor_details": {
      "name": "Patterson and Sons Inc.",
      "entity_type": "Limited Partnership",
      "address": "76258 Erik Mews\nNew Jamesfort, TX 07810"
    },
    "lessee_details": {
      "name": "Bennett PLC",
      "entity_type": "S-Corp",
      "address": "35353 Hunt Isle\nLake Leslie, CT 10838"
    }
  },
  "property_details": {
    "address": "76495 Murphy Drives\nValenciatown, FM 96307",
    "property_type": "Warehouse",
    "lease_area_description": "Entire floor 41B in Building 4",
    "square_footage_sqft": 31609
  },
  "lease_terms": {
    "effective_date": "2024-01-23",
    "commencement_date": "2024-02-13",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%"
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fair Market Value"
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 90,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 105416.02,
      "annual_escalation_rate_percent": 2.07,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (20.13%)",
        "estimated_monthly_amount_usd": 15812.4
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (23.32%)",
        "estimated_monthly_amount_usd": 10541.6
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 105416.02
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "South Carolina",
  "document_status": "Amended"
}