<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-AS-2023-262

This serves as a summary of the commercial lease executed on 2023-01-10 between the Lessor, Parks Ltd, and Lessee, Hughes, Morris and Hudson. The subject of this agreement is the Medical Office property at 991 Davis Forge Suite 998, Suite 1660, Lindahaven, Mississippi 41262, comprising approximately 13,340 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 84 months, commencing on 2023-04-18 and concluding on 2030-04-17. The tenant holds 2 option(s) to renew, with the first being for a 36-month extension. To exercise this, a notice period of 180 days is required, with rent adjustment based on Market Rate.

Financial obligations begin with an initial base rent of $3,126.03, payable on a annually basis. The lease includes a structured rent escalation schedule, with the first increase of 5.34% taking effect on 2024-04-17. Additional rents include Management Fee (Pass-through), Operating Expenses (CAM) (Pro-rata share (8%)), Real Estate Taxes (Pro-rata share (8%)), Common Area Utilities (Pro-rata share (3%)).

Regarding property maintenance, the Lessor is responsible for: Common area maintenance (CAM); HVAC system maintenance and replacement; Structural repairs to building exterior and roof. The Lessee's duties include: Janitorial services within leased premises; All utility payments for the premises. Use of the premises is specifically limited. Key restrictions include: Premises to be used solely for general office purposes. 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: Permitted, subject to Lessor's right of first refusal and a profit-sharing clause. 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-AS-2023-262",
  "document_date": "2023-01-10",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Parks Ltd",
      "entity_address": "1283 Carroll Green Apt. 469\nWagnermouth, WY 37127"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Hughes, Morris and Hudson",
      "entity_address": "36699 Billy Coves\nNew Lisahaven, HI 88428"
    }
  ],
  "property_details": {
    "property_address": "991 Davis Forge Suite 998, Suite 1660, Lindahaven, Mississippi 41262",
    "square_footage": 13340,
    "property_type": "Medical Office",
    "unit_identifier": "Suite 1660"
  },
  "lease_term": {
    "start_date": "2023-04-18",
    "term_duration_months": 84,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 36,
        "notice_period_days": 180,
        "rent_escalation_method": "Market Rate"
      },
      {
        "option_number": 2,
        "renewal_period_months": 60,
        "notice_period_days": 365,
        "rent_escalation_method": "Market Rate"
      }
    ],
    "end_date": "2030-04-17"
  },
  "financial_terms": {
    "base_rent_initial": 3126.03,
    "rent_frequency": "annually",
    "escalation_schedule": [
      {
        "escalation_type": "Step-Up",
        "effective_date": "2024-04-17",
        "increase_value": 5.34,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2025-04-17",
        "increase_value": 6.54,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Management Fee",
        "payment_structure": "Pass-through"
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pro-rata share (8%)",
        "estimated_annual_cost": 1013.61
      },
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Pro-rata share (8%)",
        "estimated_annual_cost": 8009.97
      },
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pro-rata share (3%)",
        "estimated_annual_cost": 4980.46
      }
    ]
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Common area maintenance (CAM)",
      "HVAC system maintenance and replacement",
      "Structural repairs to building exterior and roof"
    ],
    "lessee_responsibilities": [
      "Janitorial services within leased premises",
      "All utility payments for the premises"
    ]
  },
  "use_restrictions": [
    "Premises to be used solely for general office purposes.",
    "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": "Permitted, subject to Lessor's right of first refusal and a profit-sharing clause."
  }
}