<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-INSTEAD-2024-823

This serves as a summary of the commercial lease executed on 2024-04-02 between the Lessor, Phillips, Hernandez and Smith, and Lessee, Mccullough-Sanchez. The subject of this agreement is the Office property at 7245 Nathaniel Summit Suite 363, Suite 304, West Kathryn, Georgia 14102, comprising approximately 10,265 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 2024-05-28. The tenant holds 2 option(s) to renew, with the first being for a 24-month extension. To exercise this, a notice period of 365 days is required, with rent adjustment based on CPI Adjustment.

Financial obligations begin with an initial base rent of $8,345.92, payable on a annually basis. A security deposit of $16,691.84 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 9.94 $/sf taking effect on 2025-05-28. Additional rents include Common Area Utilities (Pass-through), Management Fee (Pro-rata share (3%)), Operating Expenses (CAM) (Pass-through), Operating Expenses (CAM) (Pro-rata share (3%)).

Regarding property maintenance, the Lessor is responsible for: Common area maintenance (CAM); Structural repairs to building exterior and roof; Parking lot maintenance. The Lessee's duties include: Interior non-structural maintenance; Minor repairs to plumbing and electrical; All utility payments for the premises. Use of the premises is specifically limited. Key restrictions include: Business operations restricted to 8:00 AM to 10:00 PM. No structural alterations without Lessor approval.

From a legal perspective, the terms regarding subleasing or assignment are as follows: Strictly prohibited under all circumstances. 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 Nebraska. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-INSTEAD-2024-823",
  "document_date": "2024-04-02",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Phillips, Hernandez and Smith",
      "entity_address": "29982 Stephanie Rapid\nTammyport, WA 32176"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Mccullough-Sanchez",
      "entity_address": "1788 David Parkway Apt. 145\nPort Jamesshire, ID 07220"
    }
  ],
  "property_details": {
    "property_address": "7245 Nathaniel Summit Suite 363, Suite 304, West Kathryn, Georgia 14102",
    "square_footage": 10265,
    "property_type": "Office",
    "unit_identifier": "Suite 304"
  },
  "lease_term": {
    "start_date": "2024-05-28",
    "term_duration_months": 72,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 24,
        "notice_period_days": 365,
        "rent_escalation_method": "CPI Adjustment"
      },
      {
        "option_number": 2,
        "renewal_period_months": 60,
        "notice_period_days": 365,
        "rent_escalation_method": "CPI Adjustment"
      }
    ]
  },
  "financial_terms": {
    "base_rent_initial": 8345.92,
    "rent_frequency": "annually",
    "escalation_schedule": [
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2025-05-28",
        "increase_value": 9.94,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2026-05-28",
        "increase_value": 7.3,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 2508.36
      },
      {
        "component_name": "Management Fee",
        "payment_structure": "Pro-rata share (3%)"
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pass-through"
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pro-rata share (3%)",
        "estimated_annual_cost": 5611.4
      }
    ],
    "security_deposit_amount": 16691.84
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Common area maintenance (CAM)",
      "Structural repairs to building exterior and roof",
      "Parking lot maintenance"
    ],
    "lessee_responsibilities": [
      "Interior non-structural maintenance",
      "Minor repairs to plumbing and electrical",
      "All utility payments for the premises"
    ]
  },
  "use_restrictions": [
    "Business operations restricted to 8:00 AM to 10:00 PM.",
    "No structural alterations without Lessor approval."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": true,
    "sublease_assignment_terms": "Strictly prohibited under all circumstances.",
    "dispute_resolution_method": "Mediation followed by litigation in the State of Nebraska"
  }
}