<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-2024-1131
Status: Amended
Governing Jurisdiction: Maine

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Martinez Ltd LLC, and the Tenant, Ball, Farley and Bishop. 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 2024-08-11.

The subject of this lease concerns the Partial suite 28A in Building 8 at the property located at 327 Tracy Garden Suite 278
Michaelside, PR 59903. This Mixed-Use facility consists of the specified area and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2024-10-22, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $21,955.90. This figure is scheduled for an annual increase based on a 2.7% escalation rate. A security deposit of $43,911.80 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 36 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, Ball, Farley and Bishop 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 Martinez Ltd LLC. Late payments of rent will accrue interest at a rate of 7.1% per annum. Note the existence of a Landlord Recapture Right clause, which can be triggered with 180 days' notice and involves a penalty structured as 9 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-2024-1131",
  "parties": {
    "lessor_details": {
      "name": "Martinez Ltd LLC",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Ball, Farley and Bishop",
      "entity_type": "Corporation"
    }
  },
  "property_details": {
    "address": "327 Tracy Garden Suite 278\nMichaelside, PR 59903",
    "property_type": "Mixed-Use",
    "lease_area_description": "Partial suite 28A in Building 8"
  },
  "lease_terms": {
    "effective_date": "2024-08-11",
    "commencement_date": "2024-10-22",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 36,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      },
      {
        "option_number": 2,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase"
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 180,
        "penalty_details": "9 months' rent plus unamortized transaction costs."
      },
      {
        "clause_type": "Landlord Recapture Right",
        "notice_period_days": 90,
        "penalty_details": "10 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 21955.9,
      "annual_escalation_rate_percent": 2.7,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (25.0%)",
        "estimated_monthly_amount_usd": 3293.38
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (25.0%)",
        "estimated_monthly_amount_usd": 2195.59
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 43911.8,
    "late_payment_interest_rate_percent": 7.1
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Maine",
  "document_status": "Amended",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Martinez Ltd LLC"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 25000000,
      "named_insureds_required": [
        "Martinez Ltd LLC",
        "Williams Group Mortgage Corp."
      ]
    }
  ]
}