<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-STAND-2023-767

This serves as a summary of the commercial lease executed on 2023-01-14 between the Lessor, Dixon, Phillips and Little, and Lessee, Palmer Group. The subject of this agreement is the Medical Office property at 604 Philip Path Apt. 952, Suite 1406, North Rodney, Minnesota 74081, comprising approximately 5,432 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 120 months, commencing on 2023-04-17 and concluding on 2033-04-16. The tenant holds 2 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 Fixed Percentage.

Financial obligations begin with an initial base rent of $17,938.45, payable on a annually basis. The lease includes a structured rent escalation schedule, with the first increase of 6.38 $/sf taking effect on 2024-04-16. Additional rents include Real Estate Taxes (Pass-through), Insurance (Pass-through), Real Estate Taxes (Pro-rata share (11%)), Common Area Utilities (Fixed annual contribution).

Regarding property maintenance, the Lessor is responsible for: HVAC system maintenance and replacement; Parking lot maintenance; Landscaping and snow removal. The Lessee's duties include: All utility payments for the premises; Janitorial services within leased premises; Pest control within the unit; Minor repairs to plumbing and electrical. Use of the premises is specifically limited. Key restrictions include: Premises to be used solely for general office purposes. No hazardous materials permitted on the premises without prior written consent.

From a legal perspective, the terms regarding subleasing or assignment are as follows: Strictly prohibited under all circumstances. A force majeure clause is notably absent in the agreement. Any potential disputes are to be resolved via Binding arbitration in East Adriana. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-STAND-2023-767",
  "document_date": "2023-01-14",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Dixon, Phillips and Little",
      "entity_address": "7351 Valentine Orchard\nLake Gina, NV 96630"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Palmer Group"
    }
  ],
  "property_details": {
    "property_address": "604 Philip Path Apt. 952, Suite 1406, North Rodney, Minnesota 74081",
    "square_footage": 5432,
    "property_type": "Medical Office",
    "unit_identifier": "Suite 1406"
  },
  "lease_term": {
    "start_date": "2023-04-17",
    "term_duration_months": 120,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 60,
        "notice_period_days": 180,
        "rent_escalation_method": "Fixed Percentage"
      },
      {
        "option_number": 2,
        "renewal_period_months": 36,
        "notice_period_days": 180,
        "rent_escalation_method": "CPI Adjustment"
      }
    ],
    "end_date": "2033-04-16"
  },
  "financial_terms": {
    "base_rent_initial": 17938.45,
    "rent_frequency": "annually",
    "escalation_schedule": [
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2024-04-16",
        "increase_value": 6.38,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2025-04-16",
        "increase_value": 5.51,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2026-04-16",
        "increase_value": 4.09,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Pass-through"
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 2485.69
      },
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Pro-rata share (11%)"
      },
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Fixed annual contribution"
      }
    ]
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "HVAC system maintenance and replacement",
      "Parking lot maintenance",
      "Landscaping and snow removal"
    ],
    "lessee_responsibilities": [
      "All utility payments for the premises",
      "Janitorial services within leased premises",
      "Pest control within the unit",
      "Minor repairs to plumbing and electrical"
    ]
  },
  "use_restrictions": [
    "Premises to be used solely for general office purposes.",
    "No hazardous materials permitted on the premises without prior written consent."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": false,
    "sublease_assignment_terms": "Strictly prohibited under all circumstances.",
    "dispute_resolution_method": "Binding arbitration in East Adriana"
  }
}