<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-ALTHOUGH-2023-301

This serves as a summary of the commercial lease executed on 2023-03-02 between the Lessor, Mercado, Schwartz and Morris, and Lessee, White, Rich and Lee. The subject of this agreement is the Retail property at 0912 Carolyn Extensions, Suite 1554, Derrickbury, Delaware 04057, comprising approximately 4,428 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 2023-06-28. 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 Fixed Percentage.

Financial obligations begin with an initial base rent of $71,995.98, payable on a quarterly basis. A security deposit of $71,995.98 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 9.97% taking effect on 2024-06-27. Additional rents include Management Fee (Pass-through), Operating Expenses (CAM) (Pro-rata share (3%)).

Regarding property maintenance, the Lessor is responsible for: HVAC system maintenance and replacement; Structural repairs to building exterior and roof; Parking lot maintenance. The Lessee's duties include: Pest control within the unit; 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. Premises to be used solely for general office purposes. 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 notably absent in the agreement.  Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-ALTHOUGH-2023-301",
  "document_date": "2023-03-02",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Mercado, Schwartz and Morris",
      "contact_person": "David Cruz"
    },
    {
      "party_type": "Lessee",
      "entity_name": "White, Rich and Lee"
    }
  ],
  "property_details": {
    "property_address": "0912 Carolyn Extensions, Suite 1554, Derrickbury, Delaware 04057",
    "square_footage": 4428,
    "property_type": "Retail",
    "unit_identifier": "Suite 1554"
  },
  "lease_term": {
    "start_date": "2023-06-28",
    "term_duration_months": 120,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 36,
        "notice_period_days": 365,
        "rent_escalation_method": "Fixed Percentage"
      },
      {
        "option_number": 2,
        "renewal_period_months": 36,
        "notice_period_days": 180,
        "rent_escalation_method": "Fixed Percentage"
      }
    ]
  },
  "financial_terms": {
    "base_rent_initial": 71995.98,
    "rent_frequency": "quarterly",
    "escalation_schedule": [
      {
        "escalation_type": "Step-Up",
        "effective_date": "2024-06-27",
        "increase_value": 9.97,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2025-06-27",
        "increase_value": 3.43,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2026-06-27",
        "increase_value": 4.66,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Management Fee",
        "payment_structure": "Pass-through"
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pro-rata share (3%)",
        "estimated_annual_cost": 1236.84
      }
    ],
    "security_deposit_amount": 71995.98
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "HVAC system maintenance and replacement",
      "Structural repairs to building exterior and roof",
      "Parking lot maintenance"
    ],
    "lessee_responsibilities": [
      "Pest control within the unit",
      "Janitorial services within leased premises"
    ]
  },
  "use_restrictions": [
    "Business operations restricted to 8:00 AM to 10:00 PM.",
    "Premises to be used solely for general office purposes.",
    "No structural alterations without Lessor approval."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": false,
    "sublease_assignment_terms": "Requires prior written consent from Lessor, not to be unreasonably withheld."
  }
}