<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-FIRE-2023-992

This serves as a summary of the commercial lease executed on 2023-12-28 between the Lessor, Mcgrath Inc, and Lessee, Baker Ltd. The subject of this agreement is the Retail property at 3113 Becky Mall, Suite 1209, West Deniseport, Iowa 93144, comprising approximately 19,026 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 2024-06-20 and concluding on 2034-06-20. The tenant holds 2 option(s) to renew, with the first being for a 36-month extension. To exercise this, a notice period of 270 days is required, with rent adjustment based on Market Rate.

Financial obligations begin with an initial base rent of $6,204.71, payable on a monthly basis. A security deposit of $12,409.42 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 4.5% taking effect on 2025-06-20. Additional rents include Management Fee (Fixed annual contribution), Insurance (Pro-rata share (4%)), Real Estate Taxes (Pass-through), Real Estate Taxes (Pass-through).

Regarding property maintenance, the Lessor is responsible for: HVAC system maintenance and replacement; Structural repairs to building exterior and roof. The Lessee's duties include: All utility payments for the premises; 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. Signage must be approved by Lessor.

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 present in the agreement. Any potential disputes are to be resolved via Mediation followed by litigation in the State of Wyoming. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-FIRE-2023-992",
  "document_date": "2023-12-28",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Mcgrath Inc",
      "entity_address": "210 Mary Grove\nJosephville, MT 41197",
      "contact_person": "Emily Austin"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Baker Ltd",
      "entity_address": "6518 Daniel Ford\nSouth Jennifer, MI 53550"
    }
  ],
  "property_details": {
    "property_address": "3113 Becky Mall, Suite 1209, West Deniseport, Iowa 93144",
    "square_footage": 19026,
    "property_type": "Retail",
    "unit_identifier": "Suite 1209"
  },
  "lease_term": {
    "start_date": "2024-06-20",
    "term_duration_months": 120,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 36,
        "notice_period_days": 270,
        "rent_escalation_method": "Market Rate"
      },
      {
        "option_number": 2,
        "renewal_period_months": 36,
        "notice_period_days": 365,
        "rent_escalation_method": "Market Rate"
      }
    ],
    "end_date": "2034-06-20"
  },
  "financial_terms": {
    "base_rent_initial": 6204.71,
    "rent_frequency": "monthly",
    "escalation_schedule": [
      {
        "escalation_type": "Step-Up",
        "effective_date": "2025-06-20",
        "increase_value": 4.5,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2026-06-20",
        "increase_value": 9.96,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2027-06-20",
        "increase_value": 9.82,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2028-06-19",
        "increase_value": 9.91,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Management Fee",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 4851.36
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Pro-rata share (4%)"
      },
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Pass-through"
      },
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 5465.89
      }
    ],
    "security_deposit_amount": 12409.42
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "HVAC system maintenance and replacement",
      "Structural repairs to building exterior and roof"
    ],
    "lessee_responsibilities": [
      "All utility payments for the premises",
      "Minor repairs to plumbing and electrical"
    ]
  },
  "use_restrictions": [
    "Business operations restricted to 8:00 AM to 10:00 PM.",
    "Signage must be approved by Lessor."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": true,
    "sublease_assignment_terms": "Permitted, subject to Lessor's right of first refusal and a profit-sharing clause.",
    "dispute_resolution_method": "Mediation followed by litigation in the State of Wyoming"
  }
}