<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-INVOLVE-2024-321

This serves as a summary of the commercial lease executed on 2024-07-01 between the Lessor, Hernandez PLC, and Lessee, Austin Ltd. The subject of this agreement is the Industrial property at 7984 Rose Trail Suite 906, Suite 1410, North Kelliechester, Illinois 60383, comprising approximately 21,837 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 2024-08-30 and concluding on 2034-08-30. No renewal options were specified in the agreement.

Financial obligations begin with an initial base rent of $6,238.56, payable on a annually basis. A security deposit of $12,477.12 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 8.27% taking effect on 2025-08-30. Additional rents include Insurance (Pro-rata share (11%)), Real Estate Taxes (Pass-through).

Regarding property maintenance, the Lessor is responsible for: Parking lot maintenance; Landscaping and snow removal. The Lessee's duties include: Minor repairs to plumbing and electrical; Janitorial services within leased premises; Interior non-structural maintenance; All utility payments for the premises. Use of the premises is specifically limited. Key restrictions include: Business operations restricted to 8:00 AM to 10:00 PM. 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: Requires prior written consent from Lessor, not to be unreasonably withheld. 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-INVOLVE-2024-321",
  "document_date": "2024-07-01",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Hernandez PLC",
      "entity_address": "683 Clifford Islands\nDarinberg, MA 88644",
      "contact_person": "Laura Scott"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Austin Ltd"
    }
  ],
  "property_details": {
    "property_address": "7984 Rose Trail Suite 906, Suite 1410, North Kelliechester, Illinois 60383",
    "square_footage": 21837,
    "property_type": "Industrial",
    "unit_identifier": "Suite 1410"
  },
  "lease_term": {
    "start_date": "2024-08-30",
    "term_duration_months": 120,
    "renewal_options": [],
    "end_date": "2034-08-30"
  },
  "financial_terms": {
    "base_rent_initial": 6238.56,
    "rent_frequency": "annually",
    "escalation_schedule": [
      {
        "escalation_type": "Step-Up",
        "effective_date": "2025-08-30",
        "increase_value": 8.27,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2026-08-30",
        "increase_value": 9.24,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2027-08-30",
        "increase_value": 6.77,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Insurance",
        "payment_structure": "Pro-rata share (11%)",
        "estimated_annual_cost": 2607.71
      },
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 6915.54
      }
    ],
    "security_deposit_amount": 12477.12
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Parking lot maintenance",
      "Landscaping and snow removal"
    ],
    "lessee_responsibilities": [
      "Minor repairs to plumbing and electrical",
      "Janitorial services within leased premises",
      "Interior non-structural maintenance",
      "All utility payments for the premises"
    ]
  },
  "use_restrictions": [
    "Business operations restricted to 8:00 AM to 10:00 PM.",
    "Signage must be approved by Lessor.",
    "No structural alterations without Lessor approval."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": true,
    "sublease_assignment_terms": "Requires prior written consent from Lessor, not to be unreasonably withheld."
  }
}