You are a lease administrator drafting the abstract of one commercial lease document pack. You return JSON and nothing else.
EVERY FIELD IS A PAIR. For each field return an object with exactly two keys:
"value" -- the term itself, or null if the Lease does not state it;
"page" -- the number of the page of THIS pack the term is stated on, or null when the value is null.
The pack is supplied page by page, each page introduced by a line reading `=== PAGE n ===`. `page` is that n, as a bare integer.
RULES, in order of importance:
1. A VALUE WITH NO PAGE IS NOT AN ABSTRACT ENTRY. The page is what lets the administrator of record confirm the entry without re-reading the pack, and it is the point of this task. Never return a value with a null page, and never return a page beside a null value.
2. THE `BASIC LEASE INFORMATION` PAGE DOES NOT GOVERN, EVEN WHERE IT IS RIGHT. It is a summary prepared for the convenience of the parties and says so on its face. Where it and an Article disagree, THE ARTICLE'S VALUE IS THE ANSWER. Where they agree, THE ARTICLE'S PAGE IS STILL THE CITATION -- you are recording where the Lease says it, not where it was convenient to read it.
3. AN ARTICLE GOVERNS OVER AN EXHIBIT THAT REPEATS IT. A rent schedule that restates the first year's rent is a schedule; the Article that grants the rent is the citation.
4. AN EXHIBIT GOVERNS WHERE THE ARTICLE DEFERS TO IT. Where an Article states no figure at all and refers you to an Exhibit, the Exhibit page is the citation. Citing the Article there is citing a cross-reference rather than a term.
5. THIS ABSTRACT IS OF the Lease as originally executed. If the pack contains a page headed `FIRST AMENDMENT TO LEASE`, DO NOT apply it and DO NOT cite it. Its recitals restate terms that have not changed and its operative clauses change terms that have; neither belongs in this abstract. The Lease as originally executed is what you are abstracting.
6. AN ABSENCE IS AN ANSWER, AND A MARKET-STANDARD FIGURE IS NOT. If the Lease grants no renewal option, `renewal_notice_days` and `renewal_term_months` are null with null pages -- not 180, not 270, not whatever a lease of this kind usually says. The same is true of an operating-expense base year on a lease that has none.
7. COPY VALUES VERBATIM where the field is a quotation of the Lease. Report every money, area, percentage, day and month figure as a bare number with no currency symbol, no thousands separator and no unit. Report every date as YYYY-MM-DD.
8. Use the exact allowed value for a field that lists them.
9. Return every field named in the schema, even when the answer is null.
Draft the abstract. Return one object per field, each with a "value" and a "page":
- tenant_legal_name (string) -- the tenant's full legal name exactly as the operative article writes it, including the entity suffix
- premises_suite (string) -- the suite or unit designation of the demised premises, verbatim -- e.g. 'Suite 410'
- rentable_area_sf (number) -- the rentable area of the premises in square feet, as a bare number with no separators and no unit
- commencement_date (date) -- the Commencement Date of the Term, as YYYY-MM-DD
- expiration_date (date) -- the Expiration Date of the Term, as YYYY-MM-DD
- term_months (number) -- the length of the initial Term in whole months, as a bare number
- base_rent_monthly_usd (number) -- the monthly instalment of Base Rent payable in the FIRST year of the Term, in dollars to the cent, as a bare number with no currency and no separators
- rent_escalation_pct (number) -- the fixed annual percentage increase in Base Rent, as a bare number without the per-cent sign. Where the rent article states no figure and refers the reader to an Exhibit, the figure and the citation both come from that Exhibit
- security_deposit_usd (number) -- the cash Security Deposit, in dollars to the cent, as a bare number. This is NOT the face amount of any letter of credit the lease also mentions
- permitted_use (string) -- the permitted use of the premises, copied verbatim from the use article and no longer than the sentence that states it
- opex_method (enum) one of: base_year, triple_net, gross -- how the lease charges operating expenses: base_year when the tenant pays increases over a stated base year, triple_net when the tenant pays its share of all operating expenses, gross when operating expenses are the landlord's and the tenant pays none
- opex_base_year (number) -- the calendar year the operating-expense base is measured from, as a bare four-digit number. Stated only on a base_year lease; null on a triple_net or gross one -- return null rather than the commencement year or a guess
- assignment_consent_standard (enum) one of: not_to_be_unreasonably_withheld, sole_discretion, prohibited -- the standard the landlord's consent to an assignment is held to: not_to_be_unreasonably_withheld, sole_discretion when consent may be withheld in the landlord's sole and absolute discretion, prohibited when assignment is not permitted at all
- holdover_pct (number) -- the percentage of Base Rent payable during a holdover, as a bare number without the per-cent sign
- renewal_notice_days (number) -- how many days before expiration the tenant must give notice to exercise a renewal option, as a bare number. Null when the lease grants no renewal option -- return null rather than a market-standard figure
- renewal_term_months (number) -- the length in whole months of the renewal term the option grants, as a bare number. Null when the lease grants no renewal option
- termination_option (enum) one of: yes, no -- does the lease grant the tenant an early termination option? Answer strictly from the options article
- administrator_of_record (string) -- the lease administrator of record named on the execution and routing page -- the staff identifier this abstract is routed to for confirmation, copied verbatim
Return a JSON object with exactly these keys: tenant_legal_name, premises_suite, rentable_area_sf, commencement_date, expiration_date, term_months, base_rent_monthly_usd, rent_escalation_pct, security_deposit_usd, permitted_use, opex_method, opex_base_year, assignment_consent_standard, holdover_pct, renewal_notice_days, renewal_term_months, termination_option, administrator_of_record
Each key's object has exactly the keys "value" and "page". Use null for both when the Lease does not state the term.
LEASE DOCUMENT PACK
-------------------
=== PAGE 1 ===
BASIC LEASE INFORMATION
-----------------------
This summary is prepared for the convenience of the parties and their brokers. It is not
part of the Lease, it does not amend or qualify any provision of the Lease, and in the
event of any inconsistency the provisions of the Lease govern.
Tenant: Pinnery Bioworks LLC
Building: Larkstone Plaza
Premises: Suite 1710
Rentable Area: 4,100 rentable square feet
Commencement Date: October 26, 2020
Expiration Date: October 25, 2025
Term: 60 months
Monthly Base Rent: $20,500.00 per month, first Lease Year
Security Deposit: $20,500.00
Prepared by the leasing agent. Not to be relied upon as a statement of the terms of the
Lease.
=== PAGE 2 ===
RECITALS
--------
THIS LEASE AGREEMENT is made between the Landlord of Larkstone Plaza and the Tenant
named in Article 1 below. Landlord is the owner of the Building. Tenant desires to lease
the Premises from Landlord on the terms set out in this Lease. The parties therefore
agree as follows.
Capitalised terms used in this Lease have the meanings given to them in the Article in
which they first appear. The Basic Lease Information sheet bound at the front of this
Lease is a summary only.
Landlord and Tenant have negotiated the terms of this Lease at arm's length, each with
the benefit of its own advisers, and neither party is to be treated as the draftsman of
it for the purposes of any rule of construction.
The Building is held by Landlord subject to the matters recorded against the title to
it, and Tenant takes the Premises subject to those matters so far as they affect the
Premises.
Nothing in this Lease creates a partnership, joint venture or agency between the
parties, and no provision of it is intended to confer a benefit on any person who is not
a party to it.
The headings and the article numbering used in this Lease are for convenience of
reference only and do not affect the construction of any provision.
=== PAGE 3 ===
ARTICLE 1. PREMISES
-------------------
1.1 Demise. Landlord leases to Pinnery Bioworks LLC ("Tenant"), and Tenant leases from
Landlord, the premises designated Suite 328 in the Building, consisting of 4,100
rentable square feet as measured in accordance with Section 1.3.
1.2 Common Areas. Tenant shall have the non-exclusive right to use the common areas of
the Building in common with Landlord and other tenants, subject to the rules and
regulations Landlord adopts from time to time.
1.3 Measurement. The rentable area stated in Section 1.1 has been determined by
Landlord's architect and is conclusive for all purposes of this Lease, and is not
subject to remeasurement during the Term.
ARTICLE 2. TERM
---------------
2.1 Term. The initial term of this Lease (the "Term") is 60 months, commencing on
October 26, 2020 (the "Commencement Date") and expiring at 11:59 p.m. on October 25,
2025 (the "Expiration Date"), unless sooner terminated in accordance with this Lease.
2.2 Delivery. Landlord shall deliver the Premises to Tenant on or before the
Commencement Date in the condition required by Exhibit A. A delay in delivery does not
extend the Term or alter the Expiration Date.
=== PAGE 4 ===
ARTICLE 3. RENT
---------------
3.1 Base Rent. Tenant shall pay Base Rent for the Premises in advance on the first day
of each calendar month. The monthly instalment of Base Rent for the first Lease Year is
$20,500.00, calculated at $60.00 per rentable square foot per annum.
3.2 Escalation. Base Rent shall increase on each anniversary of the Commencement Date by
the fixed percentage set out in the rent schedule attached as Exhibit B. No figure is
stated in this Article.
3.3 Late Charge. Any instalment of Base Rent not paid within five days of its due date
bears a late charge of five percent of the overdue amount.
ARTICLE 7. ASSIGNMENT AND SUBLETTING
------------------------------------
7.1 Assignment. Tenant shall have no right to assign this Lease or to sublet the
Premises in whole or in part, and any purported assignment shall be void.
7.2 Recapture. Landlord may, within thirty days of receiving a request for consent,
elect to recapture the portion of the Premises proposed to be assigned or sublet, in
which event this Lease terminates as to that portion.
=== PAGE 5 ===
ARTICLE 6. OPERATING EXPENSES
-----------------------------
6.1 Operating Expenses. This Lease is a full service gross lease. Operating Expenses for
the Premises are the obligation of Landlord and Tenant shall pay no share of them, and
no base year applies.
6.2 Statements. Landlord shall deliver to Tenant a statement of Operating Expenses for
each calendar year within one hundred and twenty days after the end of that year.
ARTICLE 5. USE
--------------
5.1 Permitted Use. Tenant shall use the Premises for general office use together with an
ancillary training facility.
5.2 Compliance. Tenant shall comply with all laws applicable to Tenant's particular use
of the Premises and shall not cause or permit any nuisance or waste in or about the
Building.
ARTICLE 8. HOLDING OVER
-----------------------
8.1 Holdover. If Tenant remains in possession of the Premises after the Expiration Date
without Landlord's written consent, Tenant shall pay for each month of holding over an
amount equal to 125 percent of the Base Rent payable in the last month of the Term, and
Tenant's occupancy shall be a tenancy at sufferance.
=== PAGE 6 ===
ARTICLE 4. SECURITY DEPOSIT
---------------------------
4.1 Deposit. On execution of this Lease Tenant shall deposit with Landlord the sum of
$20,500.00 in immediately available funds as security for Tenant's performance (the
"Security Deposit"). The Security Deposit is not an advance payment of Rent and is not a
measure of Landlord's damages.
4.2 Application. Landlord may apply the Security Deposit to cure any default by Tenant,
and Tenant shall restore it to its full amount within ten days of written demand.
ARTICLE 9. OPTIONS
------------------
9.1 Renewal. Provided Tenant is not then in default, Tenant may extend the Term for one
further period of 36 months by giving Landlord written notice not less than 365 days
before the Expiration Date. Base Rent for the renewal term shall be the then fair market
rent for comparable space in the Building.
9.2 Early Termination. Tenant has no right to terminate this Lease before the Expiration
Date except as expressly provided in Article 12 (casualty) and Article 13
(condemnation).
9.3 Letter of Credit. Any termination fee or restoration obligation may be secured by a
clean irrevocable letter of credit in the face amount of $20,500.00, which is separate
from and additional to the Security Deposit and is not applied against it.
=== PAGE 7 ===
EXHIBIT A. DESCRIPTION OF THE PREMISES AND DELIVERY CONDITION
-------------------------------------------------------------
The Premises comprise the whole of Suite 328 on the floor shown on the plan bound with
this Exhibit, together with the corridors and service risers serving it exclusively.
Landlord shall deliver the Premises broom clean, with building standard lighting
operational, the base building mechanical systems in good working order, and all common
area path-of-travel work required by applicable law completed at Landlord's cost.
Landlord makes no representation as to the suitability of the Premises for Tenant's
particular use, and Tenant accepts the Premises in their condition as delivered save for
latent defects notified within twelve months.
EXHIBIT B. RENT SCHEDULE
------------------------
Base Rent is payable monthly in advance. The monthly instalment for the first Lease Year
is $20,500.00. On each anniversary of the Commencement Date the monthly instalment then
payable increases by 4.00 percent, compounded annually for the remainder of the Term.
No rent abatement, free rent period or tenant improvement allowance applies except as
separately agreed in writing.
=== PAGE 8 ===
EXECUTION AND ROUTING
---------------------
IN WITNESS WHEREOF the parties have executed this Lease as of the date first written
above. Signed for and on behalf of Landlord by its authorised signatory, and signed for
and on behalf of Tenant by its authorised signatory.
Lease file reference: LSE-0027
Administrator of record: LA-8872, Portfolio Team Quicksilver
This pack is routed to the administrator of record named above. No term of this Lease is
committed to the lease register until that administrator has confirmed it against the
page of this pack on which it appears.