<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-2024-2381
Status: Executed
Governing Jurisdiction: West Virginia

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Atkins Ltd Holdings, and the Tenant, Jackson, Mcpherson and Smith. 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 2024-01-14.

The subject of this lease concerns the Entire unit 15B in Building 8 at the property located at 6722 James Trail
Lloydmouth, WI 74437. This Mixed-Use facility consists of approximately 8693 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-04-04, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $17,038.28. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $34,076.56 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 180 days' prior notice. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Jackson, Mcpherson and Smith 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 Atkins Ltd Holdings. Note the existence of a Landlord Recapture Right clause, which can be triggered with 60 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-2024-2381",
  "parties": {
    "lessor_details": {
      "name": "Atkins Ltd Holdings",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Jackson, Mcpherson and Smith",
      "entity_type": "LLC",
      "address": "2549 Montgomery Forges\nPort Benjaminville, MI 75907"
    }
  },
  "property_details": {
    "address": "6722 James Trail\nLloydmouth, WI 74437",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire unit 15B in Building 8",
    "square_footage_sqft": 8693
  },
  "lease_terms": {
    "effective_date": "2024-01-14",
    "commencement_date": "2024-04-04",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 17038.28,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (21.88%)",
        "estimated_monthly_amount_usd": 2555.74
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (13.48%)",
        "estimated_monthly_amount_usd": 1703.83
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 34076.56
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "West Virginia",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Atkins Ltd Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Atkins Ltd Holdings",
        "Brown and Sons Mortgage Corp."
      ]
    }
  ]
}