<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-2024-4834
Status: Under Review
Governing Jurisdiction: Wyoming

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Watson-Alexander Ventures, and the Tenant, Moore 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 2024-07-21.

The subject of this lease concerns the Partial floor 3 in Building 3 at the property located at 216 Edwards Wells
Port Micheal, VT 84286. This Retail facility consists of approximately 41299 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-10-13, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $65,768.66. This figure is scheduled for an annual increase based on a 3.15% escalation rate. A security deposit of $131,537.32 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 365 days' prior notice. During any such renewal, the rent will be adjusted according to Fair Market Value. Any potential sublease of the premises is permitted subject to standard conditions.

Per section 10.1, Moore PLC is required to maintain, at minimum, a Commercial General Liability policy of $5,000,000. The certificate of insurance must name all parties as stipulated, including Watson-Alexander Ventures. Late payments of rent will accrue interest at a rate of 12.7% per annum. 

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-2024-4834",
  "parties": {
    "lessor_details": {
      "name": "Watson-Alexander Ventures",
      "entity_type": "Corporation",
      "address": "369 Fischer Squares Suite 886\nRichardville, PW 08086"
    },
    "lessee_details": {
      "name": "Moore PLC",
      "entity_type": "LLC",
      "address": "84372 Bradley Lane\nFordchester, MP 51641"
    }
  },
  "property_details": {
    "address": "216 Edwards Wells\nPort Micheal, VT 84286",
    "property_type": "Retail",
    "lease_area_description": "Partial floor 3 in Building 3",
    "square_footage_sqft": 41299
  },
  "lease_terms": {
    "effective_date": "2024-07-21",
    "commencement_date": "2024-10-13",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fair Market Value",
        "notice_period_days": 365
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 365
      }
    ],
    "requires_landlord_consent_for_sublease": false
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 65768.66,
      "annual_escalation_rate_percent": 3.15,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (14.35%)",
        "estimated_monthly_amount_usd": 9865.3
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (9.60%)",
        "estimated_monthly_amount_usd": 6576.87
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 131537.32,
    "late_payment_interest_rate_percent": 12.7
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Wyoming",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Watson-Alexander Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Watson-Alexander Ventures",
        "Ryan LLC Mortgage Corp."
      ]
    }
  ]
}