<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-2023-4427
Status: Draft
Governing Jurisdiction: North Carolina

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Bailey, Chavez and Wright LLC, and the Tenant, Lawrence-Richmond. 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 2023-10-07.

The subject of this lease concerns the Entire unit 29 in Building 3 at the property located at PSC 0889, Box 7973
APO AA 30894. This Mixed-Use facility consists of the specified area and is designated for the purpose of Retail sales of goods and ancillary administrative functions..

The lease commencement is scheduled for 2023-11-09, establishing an initial term of 5 years. The Tenant's monthly obligation for base rent begins at $41,296.56. This figure is scheduled for an annual increase based on a 3.93% escalation rate. A security deposit of $82,593.12 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 60 months. During any such renewal, the rent will be adjusted according to Fixed 3% annual increase. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Lawrence-Richmond 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 Bailey, Chavez and Wright LLC. Note the existence of a Landlord Recapture Right clause, which can be triggered with 60 days' notice and involves a penalty structured as 12 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-2023-4427",
  "parties": {
    "lessor_details": {
      "name": "Bailey, Chavez and Wright LLC",
      "entity_type": "LLC"
    },
    "lessee_details": {
      "name": "Lawrence-Richmond",
      "entity_type": "Corporation",
      "address": "6467 Lisa Stravenue Suite 853\nSouth Rodneyfurt, AK 06707"
    }
  },
  "property_details": {
    "address": "PSC 0889, Box 7973\nAPO AA 30894",
    "property_type": "Mixed-Use",
    "lease_area_description": "Entire unit 29 in Building 3"
  },
  "lease_terms": {
    "effective_date": "2023-10-07",
    "commencement_date": "2023-11-09",
    "initial_term_months": 60,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 60,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      },
      {
        "option_number": 2,
        "duration_months": 60,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 60,
        "penalty_details": "12 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 41296.56,
      "annual_escalation_rate_percent": 3.93,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (9.49%)",
        "estimated_monthly_amount_usd": 6194.48
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (12.94%)",
        "estimated_monthly_amount_usd": 4129.66
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 82593.12
  },
  "permitted_use": "Retail sales of goods and ancillary administrative functions.",
  "governing_law_state": "North Carolina",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Bailey, Chavez and Wright LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Bailey, Chavez and Wright LLC",
        "Barnes, Wyatt and Torres Mortgage Corp."
      ]
    }
  ]
}