<format type="json">{agreement_id: string, document_date: date, lease_parties: list[{party_type: string, entity_name: string, entity_address: string optional, contact_person: string optional}], property_details: {property_address: string, unit_identifier: string optional, square_footage: number, property_type: string}, lease_term: {start_date: date, end_date: date optional, term_duration_months: number, renewal_options: list[{option_number: number, renewal_period_months: number, notice_period_days: number, rent_escalation_method: string}]}, financial_terms: {base_rent_initial: number, rent_frequency: string, security_deposit_amount: number optional, escalation_schedule: list[{escalation_type: string, effective_date: date, increase_value: number, increase_unit: string}], additional_rent_components: list[{component_name: string, payment_structure: string, estimated_annual_cost: number optional}]}, maintenance_obligations: {lessor_responsibilities: list[string], lessee_responsibilities: list[string]}, use_restrictions: list[string], legal_provisions: {force_majeure_clause_present: boolean, sublease_assignment_terms: string, dispute_resolution_method: string optional}}</format> <data>**INTERNAL MEMORANDUM - LEASE ABSTRACT**

**TO:** Portfolio Management Team
**FROM:** Legal & Compliance Dept.
**DATE:** 2025-08-13
**RE: Summary of Executed Lease Agreement: LEASE-REPORT-2024-442

This serves as a summary of the commercial lease executed on 2024-05-12 between the Lessor, Frank-Moore, and Lessee, May Ltd. The subject of this agreement is the Medical Office property at 77056 Jennings Crest Apt. 344, Suite 2269, Lake Angelaburgh, Michigan 49506, comprising approximately 16,190 square feet. All relevant documentation has been filed under our standard procedures, and the original document is stored in the main vault.

The lease term is set for 60 months, commencing on 2024-08-03 and concluding on 2029-08-03. The tenant holds 2 option(s) to renew, with the first being for a 36-month extension. To exercise this, a notice period of 270 days is required, with rent adjustment based on CPI Adjustment.

Financial obligations begin with an initial base rent of $7,279.26, payable on a quarterly basis. The lease includes a structured rent escalation schedule, with the first increase of 8.53% taking effect on 2025-08-03. Additional rents include Operating Expenses (CAM) (Pro-rata share (13%)), Operating Expenses (CAM) (Pass-through), Operating Expenses (CAM) (Pass-through), Insurance (Fixed annual contribution).

Regarding property maintenance, the Lessor is responsible for: Common area maintenance (CAM); HVAC system maintenance and replacement; Landscaping and snow removal. The Lessee's duties include: Minor repairs to plumbing and electrical; Pest control within the unit; Janitorial services within leased premises; All utility payments for the premises. Use of the premises is specifically limited. Key restrictions include: No structural alterations without Lessor approval. Business operations restricted to 8:00 AM to 10:00 PM. Signage must be approved by Lessor.

From a legal perspective, the terms regarding subleasing or assignment are as follows: Permitted, subject to Lessor's right of first refusal and a profit-sharing clause. A force majeure clause is present in the agreement.  Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-REPORT-2024-442",
  "document_date": "2024-05-12",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Frank-Moore",
      "contact_person": "Michael Chapman"
    },
    {
      "party_type": "Lessee",
      "entity_name": "May Ltd",
      "entity_address": "8927 Crystal Ridge Apt. 243\nEast Kevinview, SD 04183"
    }
  ],
  "property_details": {
    "property_address": "77056 Jennings Crest Apt. 344, Suite 2269, Lake Angelaburgh, Michigan 49506",
    "square_footage": 16190,
    "property_type": "Medical Office",
    "unit_identifier": "Suite 2269"
  },
  "lease_term": {
    "start_date": "2024-08-03",
    "term_duration_months": 60,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 36,
        "notice_period_days": 270,
        "rent_escalation_method": "CPI Adjustment"
      },
      {
        "option_number": 2,
        "renewal_period_months": 36,
        "notice_period_days": 365,
        "rent_escalation_method": "CPI Adjustment"
      }
    ],
    "end_date": "2029-08-03"
  },
  "financial_terms": {
    "base_rent_initial": 7279.26,
    "rent_frequency": "quarterly",
    "escalation_schedule": [
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2025-08-03",
        "increase_value": 8.53,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2026-08-03",
        "increase_value": 4.24,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2027-08-03",
        "increase_value": 2.87,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2028-08-02",
        "increase_value": 0.56,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pro-rata share (13%)",
        "estimated_annual_cost": 4194.33
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 1055.65
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 6695.22
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 5210.83
      }
    ]
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Common area maintenance (CAM)",
      "HVAC system maintenance and replacement",
      "Landscaping and snow removal"
    ],
    "lessee_responsibilities": [
      "Minor repairs to plumbing and electrical",
      "Pest control within the unit",
      "Janitorial services within leased premises",
      "All utility payments for the premises"
    ]
  },
  "use_restrictions": [
    "No structural alterations without Lessor approval.",
    "Business operations restricted to 8:00 AM to 10:00 PM.",
    "Signage must be approved by Lessor."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": true,
    "sublease_assignment_terms": "Permitted, subject to Lessor's right of first refusal and a profit-sharing clause."
  }
}