<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-MEETING-2023-648

This serves as a summary of the commercial lease executed on 2023-12-22 between the Lessor, Taylor LLC, and Lessee, Powell-Smith. The subject of this agreement is the Retail property at 1710 Kathleen Valleys, Suite 347, New Monicaberg, South Dakota 59021, comprising approximately 8,249 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 36 months, commencing on 2024-02-04 and concluding on 2027-02-03. No renewal options were specified in the agreement.

Financial obligations begin with an initial base rent of $6,187.44, payable on a quarterly basis. A security deposit of $12,374.88 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 3.51% taking effect on 2025-02-03. Additional rents include Management Fee (Pass-through), Common Area Utilities (Fixed annual contribution), Insurance (Pass-through).

Regarding property maintenance, the Lessor is responsible for: Parking lot maintenance; Common area maintenance (CAM); Landscaping and snow removal. The Lessee's duties include: All utility payments for the premises; Interior non-structural maintenance; Minor repairs to plumbing and electrical; Janitorial services within leased premises. 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. Signage must be approved by Lessor.

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 Port Diana. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-MEETING-2023-648",
  "document_date": "2023-12-22",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Taylor LLC",
      "contact_person": "Juan Smith"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Powell-Smith",
      "entity_address": "711 Benton Ville Suite 093\nKyletown, NY 53597"
    }
  ],
  "property_details": {
    "property_address": "1710 Kathleen Valleys, Suite 347, New Monicaberg, South Dakota 59021",
    "square_footage": 8249,
    "property_type": "Retail"
  },
  "lease_term": {
    "start_date": "2024-02-04",
    "term_duration_months": 36,
    "renewal_options": [],
    "end_date": "2027-02-03"
  },
  "financial_terms": {
    "base_rent_initial": 6187.44,
    "rent_frequency": "quarterly",
    "escalation_schedule": [
      {
        "escalation_type": "Step-Up",
        "effective_date": "2025-02-03",
        "increase_value": 3.51,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2026-02-03",
        "increase_value": 6.47,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2027-02-03",
        "increase_value": 9.54,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2028-02-03",
        "increase_value": 7.42,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Management Fee",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 5145.52
      },
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Fixed annual contribution"
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 3835.88
      }
    ],
    "security_deposit_amount": 12374.88
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Parking lot maintenance",
      "Common area maintenance (CAM)",
      "Landscaping and snow removal"
    ],
    "lessee_responsibilities": [
      "All utility payments for the premises",
      "Interior non-structural maintenance",
      "Minor repairs to plumbing and electrical",
      "Janitorial services within leased premises"
    ]
  },
  "use_restrictions": [
    "Business operations restricted to 8:00 AM to 10:00 PM.",
    "No hazardous materials permitted on the premises without prior written consent.",
    "Signage must be approved by Lessor."
  ],
  "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 Port Diana"
  }
}