<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-BABY-2023-877

This serves as a summary of the commercial lease executed on 2023-10-31 between the Lessor, James PLC, and Lessee, Howard-Hodges. The subject of this agreement is the Medical Office property at 0115 Mary Meadow Suite 000, Suite 539, Tapiamouth, Tennessee 89931, comprising approximately 24,082 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 2024-04-18 and concluding on 2030-04-18. The tenant holds 2 option(s) to renew, with the first being for a 60-month extension. To exercise this, a notice period of 180 days is required, with rent adjustment based on Fixed Percentage.

Financial obligations begin with an initial base rent of $59,871.41, payable on a annually basis. A security deposit of $119,742.82 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 5.49 $/sf taking effect on 2025-04-18. Additional rents include Real Estate Taxes (Pro-rata share (13%)), Real Estate Taxes (Fixed annual contribution), Real Estate Taxes (Pass-through), Insurance (Pro-rata share (8%)).

Regarding property maintenance, the Lessor is responsible for: Parking lot maintenance; HVAC system maintenance and replacement; Structural repairs to building exterior and roof. The Lessee's duties include: Minor repairs to plumbing and electrical; Janitorial services within leased premises; Pest control within the unit; All utility payments for the premises. Use of the premises is specifically limited. Key restrictions include: No hazardous materials permitted on the premises without prior written consent. Premises to be used solely for general office purposes. Business operations restricted to 8:00 AM to 10:00 PM.

From a legal perspective, the terms regarding subleasing or assignment are as follows: Permitted only to an affiliate entity with 30 days prior notice. 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 Iowa. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-BABY-2023-877",
  "document_date": "2023-10-31",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "James PLC",
      "entity_address": "071 Mcintyre Island\nLaurenport, OK 52687",
      "contact_person": "Jennifer Campos"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Howard-Hodges",
      "entity_address": "58616 Gibson Course Suite 929\nBarbaratown, PA 22699"
    }
  ],
  "property_details": {
    "property_address": "0115 Mary Meadow Suite 000, Suite 539, Tapiamouth, Tennessee 89931",
    "square_footage": 24082,
    "property_type": "Medical Office",
    "unit_identifier": "Suite 539"
  },
  "lease_term": {
    "start_date": "2024-04-18",
    "term_duration_months": 72,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 60,
        "notice_period_days": 180,
        "rent_escalation_method": "Fixed Percentage"
      },
      {
        "option_number": 2,
        "renewal_period_months": 24,
        "notice_period_days": 270,
        "rent_escalation_method": "Fixed Percentage"
      }
    ],
    "end_date": "2030-04-18"
  },
  "financial_terms": {
    "base_rent_initial": 59871.41,
    "rent_frequency": "annually",
    "escalation_schedule": [
      {
        "escalation_type": "Step-Up",
        "effective_date": "2025-04-18",
        "increase_value": 5.49,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2026-04-18",
        "increase_value": 4.0,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2027-04-18",
        "increase_value": 2.56,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Pro-rata share (13%)",
        "estimated_annual_cost": 9442.12
      },
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Fixed annual contribution"
      },
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 8901.52
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Pro-rata share (8%)",
        "estimated_annual_cost": 6941.18
      }
    ],
    "security_deposit_amount": 119742.82
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Parking lot maintenance",
      "HVAC system maintenance and replacement",
      "Structural repairs to building exterior and roof"
    ],
    "lessee_responsibilities": [
      "Minor repairs to plumbing and electrical",
      "Janitorial services within leased premises",
      "Pest control within the unit",
      "All utility payments for the premises"
    ]
  },
  "use_restrictions": [
    "No hazardous materials permitted on the premises without prior written consent.",
    "Premises to be used solely for general office purposes.",
    "Business operations restricted to 8:00 AM to 10:00 PM."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": true,
    "sublease_assignment_terms": "Permitted only to an affiliate entity with 30 days prior notice.",
    "dispute_resolution_method": "Mediation followed by litigation in the State of Iowa"
  }
}