<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-2024-2666
Status: Executed
Governing Jurisdiction: Texas

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Jackson PLC Ventures, and the Tenant, Baker 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 2024-03-14.

The subject of this lease concerns the Partial suite 28A in Building 7 at the property located at Unit 5973 Box 8902
DPO AP 38031. This Office facility consists of approximately 16069 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-12, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $29,058.11. This figure is scheduled for an annual increase based on a 3.66% escalation rate. A security deposit of $58,116.22 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 Greater of Fair Market Value or previous rent + 3%. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Baker PLC 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 Jackson PLC Ventures. Late payments of rent will accrue interest at a rate of 6.2% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 60 days' notice and involves a penalty structured as 3 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-2024-2666",
  "parties": {
    "lessor_details": {
      "name": "Jackson PLC Ventures",
      "entity_type": "Limited Partnership",
      "address": "4800 Gabrielle Ranch\nSmithchester, PA 21053"
    },
    "lessee_details": {
      "name": "Baker PLC",
      "entity_type": "S-Corp",
      "address": "12954 Simmons Mount Suite 270\nNorth Phillip, KS 38198"
    }
  },
  "property_details": {
    "address": "Unit 5973 Box 8902\nDPO AP 38031",
    "property_type": "Office",
    "lease_area_description": "Partial suite 28A in Building 7",
    "square_footage_sqft": 16069
  },
  "lease_terms": {
    "effective_date": "2024-03-14",
    "commencement_date": "2024-05-12",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 60,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 29058.11,
      "annual_escalation_rate_percent": 3.66,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (20.38%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (24.39%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 58116.22,
    "late_payment_interest_rate_percent": 6.2
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Texas",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Jackson PLC Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Jackson PLC Ventures",
        "Norris and Sons Mortgage Corp."
      ]
    }
  ]
}