<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-2024-1875
Status: Draft
Governing Jurisdiction: Delaware

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Bradley Ltd Holdings, and the Tenant, Smith 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 2024-02-08.

The subject of this lease concerns the Entire suite 3A in Building 3 at the property located at 554 Smith Spur
West Rickyshire, CO 63663. This Industrial facility consists of approximately 26248 rentable square feet and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2024-04-29, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $112,735.16. This figure is scheduled for an annual increase based on a 3.75% escalation rate. A security deposit of $225,470.32 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 months with 90 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, Smith PLC is required to maintain, at minimum, a Commercial General Liability policy of $1,000,000. The certificate of insurance must name all parties as stipulated, including Bradley Ltd Holdings. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 180 days' notice and involves a penalty structured as 10 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-2024-1875",
  "parties": {
    "lessor_details": {
      "name": "Bradley Ltd Holdings",
      "entity_type": "Limited Partnership",
      "address": "766 Huffman Street Apt. 306\nYolandamouth, MO 27642"
    },
    "lessee_details": {
      "name": "Smith PLC",
      "entity_type": "Corporation",
      "address": "00477 Macias Fields\nHarrisburgh, NC 04681"
    }
  },
  "property_details": {
    "address": "554 Smith Spur\nWest Rickyshire, CO 63663",
    "property_type": "Industrial",
    "lease_area_description": "Entire suite 3A in Building 3",
    "square_footage_sqft": 26248
  },
  "lease_terms": {
    "effective_date": "2024-02-08",
    "commencement_date": "2024-04-29",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 90
      },
      {
        "option_number": 2,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 112735.16,
      "annual_escalation_rate_percent": 3.75,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (24.39%)",
        "estimated_monthly_amount_usd": 16910.27
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (20.91%)",
        "estimated_monthly_amount_usd": 11273.52
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 225470.32
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "Delaware",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 1000000,
      "named_insureds_required": [
        "Bradley Ltd Holdings"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Bradley Ltd Holdings",
        "Freeman-Wise Mortgage Corp."
      ]
    }
  ]
}