<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-DISCOVER-2023-768

This serves as a summary of the commercial lease executed on 2023-01-26 between the Lessor, Nichols-Williams, and Lessee, Thompson-Wood. The subject of this agreement is the Industrial property at 174 Kayla Islands Apt. 300, Suite 2250, West Jesse, Massachusetts 51061, comprising approximately 16,743 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 60 months, commencing on 2023-04-04 and concluding on 2028-04-03. The tenant holds 2 option(s) to renew, with the first being for a 36-month extension. To exercise this, a notice period of 365 days is required, with rent adjustment based on Market Rate.

Financial obligations begin with an initial base rent of $3,625.58, payable on a quarterly basis. A security deposit of $7,251.16 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 2.16 $/sf taking effect on 2024-04-03. Additional rents include Management Fee (Pro-rata share (10%)), Common Area Utilities (Pro-rata share (2%)).

Regarding property maintenance, the Lessor is responsible for: Structural repairs to building exterior and roof; Parking lot maintenance; Common area maintenance (CAM). The Lessee's duties include: Pest control within the unit; Interior non-structural maintenance; 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.

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. Any potential disputes are to be resolved via Litigation in the jurisdiction of the property location.. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-DISCOVER-2023-768",
  "document_date": "2023-01-26",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Nichols-Williams",
      "entity_address": "0695 Cindy Curve\nEast Dalechester, NV 16917"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Thompson-Wood",
      "entity_address": "7351 Sharp Fort Suite 287\nSouth Shannon, MA 12678"
    }
  ],
  "property_details": {
    "property_address": "174 Kayla Islands Apt. 300, Suite 2250, West Jesse, Massachusetts 51061",
    "square_footage": 16743,
    "property_type": "Industrial",
    "unit_identifier": "Suite 2250"
  },
  "lease_term": {
    "start_date": "2023-04-04",
    "term_duration_months": 60,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 36,
        "notice_period_days": 365,
        "rent_escalation_method": "Market Rate"
      },
      {
        "option_number": 2,
        "renewal_period_months": 36,
        "notice_period_days": 180,
        "rent_escalation_method": "CPI Adjustment"
      }
    ],
    "end_date": "2028-04-03"
  },
  "financial_terms": {
    "base_rent_initial": 3625.58,
    "rent_frequency": "quarterly",
    "escalation_schedule": [
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2024-04-03",
        "increase_value": 2.16,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2025-04-03",
        "increase_value": 0.69,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2026-04-03",
        "increase_value": 6.89,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2027-04-03",
        "increase_value": 9.23,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Management Fee",
        "payment_structure": "Pro-rata share (10%)"
      },
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pro-rata share (2%)"
      }
    ],
    "security_deposit_amount": 7251.16
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Structural repairs to building exterior and roof",
      "Parking lot maintenance",
      "Common area maintenance (CAM)"
    ],
    "lessee_responsibilities": [
      "Pest control within the unit",
      "Interior non-structural maintenance",
      "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."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": false,
    "sublease_assignment_terms": "Permitted, subject to Lessor's right of first refusal and a profit-sharing clause.",
    "dispute_resolution_method": "Litigation in the jurisdiction of the property location."
  }
}