<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-2024-1288
Status: Under Review
Governing Jurisdiction: Missouri

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Bailey, Torres and Tran Holdings, and the Tenant, Fletcher Group. 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 2024-02-23.

The subject of this lease concerns the Partial floor 38A in Building 10 at the property located at 50691 Harper Fords
East Clayton, NM 09652. This Warehouse facility consists of approximately 12262 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-04-11, establishing an initial term of 10 years. The Tenant's monthly obligation for base rent begins at $29,684.26. This figure is scheduled for an annual increase based on a 2.22% escalation rate. A security deposit of $59,368.52 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months with 270 days' prior notice. 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.

Late payments of rent will accrue interest at a rate of 13.1% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 90 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-2024-1288",
  "parties": {
    "lessor_details": {
      "name": "Bailey, Torres and Tran Holdings",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Fletcher Group",
      "entity_type": "S-Corp",
      "address": "076 Leah Parkways Suite 599\nLake Johnview, WV 16446"
    }
  },
  "property_details": {
    "address": "50691 Harper Fords\nEast Clayton, NM 09652",
    "property_type": "Warehouse",
    "lease_area_description": "Partial floor 38A in Building 10",
    "square_footage_sqft": 12262
  },
  "lease_terms": {
    "effective_date": "2024-02-23",
    "commencement_date": "2024-04-11",
    "initial_term_months": 120,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 270
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 90,
        "penalty_details": "3 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 29684.26,
      "annual_escalation_rate_percent": 2.22,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (23.16%)",
        "estimated_monthly_amount_usd": 4452.64
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (21.75%)",
        "estimated_monthly_amount_usd": 2968.43
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 59368.52,
    "late_payment_interest_rate_percent": 13.1
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "Missouri",
  "document_status": "Under Review"
}