<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-2023-7609
Status: Executed
Governing Jurisdiction: Connecticut

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Baird LLC LLC, and the Tenant, Nolan, Cervantes and Preston. 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 2023-12-07.

The subject of this lease concerns the Entire unit 42A in Building 3 at the property located at 60514 Amanda Fort Suite 644
Saraland, VI 84411. This Retail facility consists of approximately 13589 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-02-12, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $33,938.53. This figure is scheduled for an annual increase based on a 1.5% escalation rate. A security deposit of $33,938.53 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 365 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, Nolan, Cervantes and Preston is required to maintain, at minimum, a Commercial General Liability policy of $2,000,000. The certificate of insurance must name all parties as stipulated, including Baird LLC LLC. Late payments of rent will accrue interest at a rate of 16.8% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 90 days' notice and involves a penalty structured as 6 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-2023-7609",
  "parties": {
    "lessor_details": {
      "name": "Baird LLC LLC",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Nolan, Cervantes and Preston",
      "entity_type": "Corporation"
    }
  },
  "property_details": {
    "address": "60514 Amanda Fort Suite 644\nSaraland, VI 84411",
    "property_type": "Retail",
    "lease_area_description": "Entire unit 42A in Building 3",
    "square_footage_sqft": 13589
  },
  "lease_terms": {
    "effective_date": "2023-12-07",
    "commencement_date": "2024-02-12",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 365
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "CPI-U Adjustment, not to exceed 4%",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "6 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 33938.53,
      "annual_escalation_rate_percent": 1.5,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (10.01%)",
        "estimated_monthly_amount_usd": 5090.78
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (6.79%)",
        "estimated_monthly_amount_usd": 3393.85
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 33938.53,
    "late_payment_interest_rate_percent": 16.8
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Connecticut",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Baird LLC LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Baird LLC LLC",
        "Warner and Sons Mortgage Corp."
      ]
    }
  ]
}