<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-2024-5110
Status: Executed
Governing Jurisdiction: Texas

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Foster, Wall and Mcneil Ventures, and the Tenant, Bailey-Taylor. 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 2024-03-30.

The subject of this lease concerns the Entire suite 7 in Building 3 at the property located at 92294 Mccarthy Squares Suite 352
Chadville, SC 30615. This Retail facility consists of approximately 39648 rentable square feet and is designated for the purpose of Professional services and ancillary administrative functions..

The lease commencement is scheduled for 2024-05-25, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $56,762.72. This figure is scheduled for an annual increase based on a 3.77% escalation rate. A security deposit of $56,762.72 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 90 days' prior notice. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises requires Landlord's explicit consent.

Per section 10.1, Bailey-Taylor 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 Foster, Wall and Mcneil Ventures. Note the existence of a Landlord Recapture Right 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-2024-5110",
  "parties": {
    "lessor_details": {
      "name": "Foster, Wall and Mcneil Ventures",
      "entity_type": "Corporation",
      "address": "2580 April Tunnel Apt. 089\nEast Melanieton, OR 94900"
    },
    "lessee_details": {
      "name": "Bailey-Taylor",
      "entity_type": "LLC",
      "address": "59164 Weaver Falls\nWest Georgehaven, MI 85539"
    }
  },
  "property_details": {
    "address": "92294 Mccarthy Squares Suite 352\nChadville, SC 30615",
    "property_type": "Retail",
    "lease_area_description": "Entire suite 7 in Building 3",
    "square_footage_sqft": 39648
  },
  "lease_terms": {
    "effective_date": "2024-03-30",
    "commencement_date": "2024-05-25",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": true,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 56762.72,
      "annual_escalation_rate_percent": 3.77,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (18.44%)",
        "estimated_monthly_amount_usd": 8514.41
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (25.0%)",
        "estimated_monthly_amount_usd": 5676.27
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 56762.72
  },
  "permitted_use": "Professional services and ancillary administrative functions.",
  "governing_law_state": "Texas",
  "document_status": "Executed",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Foster, Wall and Mcneil Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Foster, Wall and Mcneil Ventures",
        "Lopez-Hansen Mortgage Corp."
      ]
    }
  ]
}