<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-2024-2857
Status: Draft
Governing Jurisdiction: New Mexico

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Foster-Robinson Ventures, and the Tenant, Baxter LLC. 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 2024-02-17.

The subject of this lease concerns the Entire unit 41B in Building 4 at the property located at 720 Jessica Oval Apt. 557
Trujillochester, CT 30079. This Office facility consists of approximately 8158 rentable square feet and is designated for the purpose of General office and ancillary administrative functions..

The lease commencement is scheduled for 2024-04-29, establishing an initial term of 3 years. The Tenant's monthly obligation for base rent begins at $16,832.67. This figure is scheduled for an annual increase based on a 2.34% escalation rate. A security deposit of $33,665.34 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 90 days' prior notice. 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, Baxter LLC 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-Robinson Ventures. Late payments of rent will accrue interest at a rate of 16.9% per annum. Note the existence of a Tenant Early Termination Option clause, which can be triggered with 180 days' notice and involves a penalty structured as 7 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-2024-2857",
  "parties": {
    "lessor_details": {
      "name": "Foster-Robinson Ventures",
      "entity_type": "Limited Partnership"
    },
    "lessee_details": {
      "name": "Baxter LLC",
      "entity_type": "LLC",
      "address": "872 Ruiz Coves Apt. 100\nAyalaburgh, KY 92589"
    }
  },
  "property_details": {
    "address": "720 Jessica Oval Apt. 557\nTrujillochester, CT 30079",
    "property_type": "Office",
    "lease_area_description": "Entire unit 41B in Building 4",
    "square_footage_sqft": 8158
  },
  "lease_terms": {
    "effective_date": "2024-02-17",
    "commencement_date": "2024-04-29",
    "initial_term_months": 36,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Fixed 3% annual increase",
        "notice_period_days": 90
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Tenant Early Termination Option",
        "notice_period_days": 180,
        "penalty_details": "7 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 16832.67,
      "annual_escalation_rate_percent": 2.34,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (20.28%)",
        "estimated_monthly_amount_usd": 2524.9
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (7.02%)",
        "estimated_monthly_amount_usd": 1683.27
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 33665.34,
    "late_payment_interest_rate_percent": 16.9
  },
  "permitted_use": "General office and ancillary administrative functions.",
  "governing_law_state": "New Mexico",
  "document_status": "Draft",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 2000000,
      "named_insureds_required": [
        "Foster-Robinson Ventures"
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Foster-Robinson Ventures",
        "Johnson Ltd Mortgage Corp."
      ]
    }
  ]
}