<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-2023-8000
Status: Under Review
Governing Jurisdiction: Nevada

This abstract summarizes the key terms of the fully executed lease agreement between the Landlord, Bailey PLC Inc., and the Tenant, Bush-Garcia. 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 2023-10-29.

The subject of this lease concerns the Partial suite 19A in Building 7 at the property located at 902 Megan Expressway Suite 984
South Roberta, ME 87449. This Warehouse facility consists of approximately 18638 rentable square feet and is designated for the purpose of Light manufacturing and assembly and ancillary administrative functions..

The lease commencement is scheduled for 2023-12-11, establishing an initial term of 7 years. The Tenant's monthly obligation for base rent begins at $55,867.40. This figure is scheduled for an annual increase based on a 1.62% escalation rate. A security deposit of $111,734.80 has been furnished by the Tenant.

The Tenant holds an option to extend the lease for an additional 24 months with 180 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.

Per section 10.1, Bush-Garcia 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 Bailey PLC Inc.. Late payments of rent will accrue interest at a rate of 12.9% per annum. Note the existence of a Co-tenancy Failure clause, which can be triggered with 180 days' notice and involves a penalty structured as 6 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-2023-8000",
  "parties": {
    "lessor_details": {
      "name": "Bailey PLC Inc.",
      "entity_type": "Corporation",
      "address": "625 Ross Plains Suite 509\nNew Kristin, NV 77259"
    },
    "lessee_details": {
      "name": "Bush-Garcia",
      "entity_type": "S-Corp",
      "address": "497 Romero Dale\nNorth Sylviafort, VT 78052"
    }
  },
  "property_details": {
    "address": "902 Megan Expressway Suite 984\nSouth Roberta, ME 87449",
    "property_type": "Warehouse",
    "lease_area_description": "Partial suite 19A in Building 7",
    "square_footage_sqft": 18638
  },
  "lease_terms": {
    "effective_date": "2023-10-29",
    "commencement_date": "2023-12-11",
    "initial_term_months": 84,
    "option_to_renew": [
      {
        "option_number": 1,
        "duration_months": 24,
        "renewal_rate_adjustment": "Greater of Fair Market Value or previous rent + 3%",
        "notice_period_days": 180
      }
    ],
    "requires_landlord_consent_for_sublease": false,
    "termination_clauses": [
      {
        "clause_type": "Co-tenancy Failure",
        "notice_period_days": 180,
        "penalty_details": "6 months' rent plus unamortized transaction costs."
      }
    ]
  },
  "financial_terms": {
    "base_rent_details": {
      "initial_monthly_rent_usd": 55867.4,
      "annual_escalation_rate_percent": 1.62,
      "escalation_frequency": "Annually"
    },
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "basis": "Pro Rata Share (9.89%)"
      },
      {
        "component_name": "Property Taxes",
        "basis": "Pro Rata Share (7.85%)"
      },
      {
        "component_name": "HVAC Maintenance Contract",
        "basis": "Fixed Annual Fee"
      }
    ],
    "security_deposit_usd": 111734.8,
    "late_payment_interest_rate_percent": 12.9
  },
  "permitted_use": "Light manufacturing and assembly and ancillary administrative functions.",
  "governing_law_state": "Nevada",
  "document_status": "Under Review",
  "insurance_requirements": [
    {
      "coverage_type": "Commercial General Liability",
      "minimum_coverage_amount_usd": 5000000,
      "named_insureds_required": [
        "Bailey PLC Inc."
      ]
    },
    {
      "coverage_type": "Property (All Risk/Special Form)",
      "minimum_coverage_amount_usd": 10000000,
      "named_insureds_required": [
        "Bailey PLC Inc.",
        "Baxter, Baker and Ware Mortgage Corp."
      ]
    }
  ]
}