<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-TREE-2023-126

This serves as a summary of the commercial lease executed on 2023-04-22 between the Lessor, Sandoval Group, and Lessee, Payne, White and Bell. The subject of this agreement is the Warehouse property at 31335 Howell Ford, Suite 1167, Lake Lisa, Kentucky 33038, comprising approximately 19,597 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 2023-09-09. The tenant holds 1 option(s) to renew, with the first being for a 60-month extension. To exercise this, a notice period of 365 days is required, with rent adjustment based on CPI Adjustment.

Financial obligations begin with an initial base rent of $30,163.27, payable on a monthly basis. A security deposit of $60,326.54 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 6.78% taking effect on 2024-09-08. Additional rents include Real Estate Taxes (Fixed annual contribution), Operating Expenses (CAM) (Pro-rata share (7%)), Management Fee (Pro-rata share (7%)), Insurance (Pro-rata share (3%)).

Regarding property maintenance, the Lessor is responsible for: Common area maintenance (CAM); Landscaping and snow removal; Parking lot maintenance. The Lessee's duties include: Pest control within the unit; Minor repairs to plumbing and electrical. Use of the premises is specifically limited. Key restrictions include: Business operations restricted to 8:00 AM to 10:00 PM. No hazardous materials permitted on the premises without prior written consent. No structural alterations without Lessor approval.

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 notably absent in the agreement.  Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-TREE-2023-126",
  "document_date": "2023-04-22",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Sandoval Group",
      "entity_address": "8638 Jacobson Cove Suite 940\nSimpsonville, UT 40098",
      "contact_person": "Dennis Herman"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Payne, White and Bell"
    }
  ],
  "property_details": {
    "property_address": "31335 Howell Ford, Suite 1167, Lake Lisa, Kentucky 33038",
    "square_footage": 19597,
    "property_type": "Warehouse",
    "unit_identifier": "Suite 1167"
  },
  "lease_term": {
    "start_date": "2023-09-09",
    "term_duration_months": 72,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 60,
        "notice_period_days": 365,
        "rent_escalation_method": "CPI Adjustment"
      }
    ]
  },
  "financial_terms": {
    "base_rent_initial": 30163.27,
    "rent_frequency": "monthly",
    "escalation_schedule": [
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2024-09-08",
        "increase_value": 6.78,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2025-09-08",
        "increase_value": 3.47,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2026-09-08",
        "increase_value": 6.62,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 3642.16
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pro-rata share (7%)",
        "estimated_annual_cost": 5149.79
      },
      {
        "component_name": "Management Fee",
        "payment_structure": "Pro-rata share (7%)"
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Pro-rata share (3%)",
        "estimated_annual_cost": 1859.36
      }
    ],
    "security_deposit_amount": 60326.54
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Common area maintenance (CAM)",
      "Landscaping and snow removal",
      "Parking lot maintenance"
    ],
    "lessee_responsibilities": [
      "Pest control within the unit",
      "Minor repairs to plumbing and electrical"
    ]
  },
  "use_restrictions": [
    "Business operations restricted to 8:00 AM to 10:00 PM.",
    "No hazardous materials permitted on the premises without prior written consent.",
    "No structural alterations without Lessor approval."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": false,
    "sublease_assignment_terms": "Permitted, subject to Lessor's right of first refusal and a profit-sharing clause."
  }
}