<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-CLOSE-2024-716

This serves as a summary of the commercial lease executed on 2024-01-30 between the Lessor, Bailey, Johnson and Brown, and Lessee, Gordon-Osborn. The subject of this agreement is the Retail property at 70860 Parsons Union Suite 262, Suite 2280, Michaelfurt, Nevada 79420, comprising approximately 14,413 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 2024-03-21 and concluding on 2029-03-21. The tenant holds 1 option(s) to renew, with the first being for a 60-month extension. To exercise this, a notice period of 270 days is required, with rent adjustment based on Fixed Percentage.

Financial obligations begin with an initial base rent of $9,977.62, payable on a annually basis. The lease includes a structured rent escalation schedule, with the first increase of 5.96% taking effect on 2025-03-21. Additional rents include Operating Expenses (CAM) (Pro-rata share (11%)), Real Estate Taxes (Fixed annual contribution), Insurance (Pro-rata share (12%)).

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

From a legal perspective, the terms regarding subleasing or assignment are as follows: Requires prior written consent from Lessor, not to be unreasonably withheld. A force majeure clause is notably absent in the agreement. Any potential disputes are to be resolved via Binding arbitration in Bauerview. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-CLOSE-2024-716",
  "document_date": "2024-01-30",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Bailey, Johnson and Brown",
      "contact_person": "Margaret Collins"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Gordon-Osborn",
      "entity_address": "57474 Carter Circles Suite 283\nSweeneyside, DE 72644"
    }
  ],
  "property_details": {
    "property_address": "70860 Parsons Union Suite 262, Suite 2280, Michaelfurt, Nevada 79420",
    "square_footage": 14413,
    "property_type": "Retail",
    "unit_identifier": "Suite 2280"
  },
  "lease_term": {
    "start_date": "2024-03-21",
    "term_duration_months": 60,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 60,
        "notice_period_days": 270,
        "rent_escalation_method": "Fixed Percentage"
      }
    ],
    "end_date": "2029-03-21"
  },
  "financial_terms": {
    "base_rent_initial": 9977.62,
    "rent_frequency": "annually",
    "escalation_schedule": [
      {
        "escalation_type": "Step-Up",
        "effective_date": "2025-03-21",
        "increase_value": 5.96,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2026-03-21",
        "increase_value": 1.66,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pro-rata share (11%)",
        "estimated_annual_cost": 1239.22
      },
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 9406.21
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Pro-rata share (12%)",
        "estimated_annual_cost": 6364.81
      }
    ]
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Landscaping and snow removal",
      "HVAC system maintenance and replacement"
    ],
    "lessee_responsibilities": [
      "All utility payments for the premises",
      "Pest control within the unit"
    ]
  },
  "use_restrictions": [
    "Signage must be approved by Lessor.",
    "No structural alterations without Lessor approval.",
    "Business operations restricted to 8:00 AM to 10:00 PM."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": false,
    "sublease_assignment_terms": "Requires prior written consent from Lessor, not to be unreasonably withheld.",
    "dispute_resolution_method": "Binding arbitration in Bauerview"
  }
}