<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-TELL-2023-588

This serves as a summary of the commercial lease executed on 2023-07-07 between the Lessor, Smith-Suarez, and Lessee, Clark, Taylor and Barton. The subject of this agreement is the Warehouse property at 5585 Shannon Mall Suite 400, Suite 620, Lake Nina, New Jersey 07999, comprising approximately 19,821 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 72 months, commencing on 2023-07-16 and concluding on 2029-07-15. The tenant holds 1 option(s) to renew, with the first being for a 60-month extension. To exercise this, a notice period of 180 days is required, with rent adjustment based on Market Rate.

Financial obligations begin with an initial base rent of $4,509.72, payable on a monthly basis. A security deposit of $9,019.44 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 2.52 $/sf taking effect on 2024-07-15. Additional rents include Common Area Utilities (Fixed annual contribution), Insurance (Fixed annual contribution).

Regarding property maintenance, the Lessor is responsible for: HVAC system maintenance and replacement; Parking lot maintenance. The Lessee's duties include: Pest control within the unit; Minor repairs to plumbing and electrical; Janitorial services within leased premises. Use of the premises is specifically limited. Key restrictions include: No hazardous materials permitted on the premises without prior written consent. Signage must be approved by Lessor. No structural alterations without Lessor approval.

From a legal perspective, the terms regarding subleasing or assignment are as follows: Strictly prohibited under all circumstances. A force majeure clause is present in the agreement. Any potential disputes are to be resolved via Litigation in the jurisdiction of the property location.. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-TELL-2023-588",
  "document_date": "2023-07-07",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Smith-Suarez",
      "entity_address": "907 Anderson Light\nJamesshire, SD 46800",
      "contact_person": "Carrie Flores"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Clark, Taylor and Barton",
      "entity_address": "606 Castillo Circle Apt. 965\nHansenborough, GA 17108"
    }
  ],
  "property_details": {
    "property_address": "5585 Shannon Mall Suite 400, Suite 620, Lake Nina, New Jersey 07999",
    "square_footage": 19821,
    "property_type": "Warehouse",
    "unit_identifier": "Suite 620"
  },
  "lease_term": {
    "start_date": "2023-07-16",
    "term_duration_months": 72,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 60,
        "notice_period_days": 180,
        "rent_escalation_method": "Market Rate"
      }
    ],
    "end_date": "2029-07-15"
  },
  "financial_terms": {
    "base_rent_initial": 4509.72,
    "rent_frequency": "monthly",
    "escalation_schedule": [
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2024-07-15",
        "increase_value": 2.52,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2025-07-15",
        "increase_value": 1.26,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2026-07-15",
        "increase_value": 4.18,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 7702.82
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 7403.67
      }
    ],
    "security_deposit_amount": 9019.44
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "HVAC system maintenance and replacement",
      "Parking lot maintenance"
    ],
    "lessee_responsibilities": [
      "Pest control within the unit",
      "Minor repairs to plumbing and electrical",
      "Janitorial services within leased premises"
    ]
  },
  "use_restrictions": [
    "No hazardous materials permitted on the premises without prior written consent.",
    "Signage must be approved by Lessor.",
    "No structural alterations without Lessor approval."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": true,
    "sublease_assignment_terms": "Strictly prohibited under all circumstances.",
    "dispute_resolution_method": "Litigation in the jurisdiction of the property location."
  }
}