<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-CULTURE-2023-884

This serves as a summary of the commercial lease executed on 2023-08-29 between the Lessor, Burns, Mason and Walter, and Lessee, Owens Inc. The subject of this agreement is the Warehouse property at 245 Castillo Mountain Suite 171, Suite 2434, New Melissa, Illinois 68464, comprising approximately 21,403 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 2024-01-24. No renewal options were specified in the agreement.

Financial obligations begin with an initial base rent of $45,844.23, payable on a quarterly basis. The lease includes a structured rent escalation schedule, with the first increase of 3.07 $/sf taking effect on 2025-01-23. Additional rents include Management Fee (Pro-rata share (8%)), Common Area Utilities (Pass-through), Common Area Utilities (Pass-through).

Regarding property maintenance, the Lessor is responsible for: Landscaping and snow removal; HVAC system maintenance and replacement. The Lessee's duties include: All utility payments for the premises; Pest control within the unit; Interior non-structural maintenance; Minor repairs to plumbing and electrical. Use of the premises is specifically limited. Key restrictions include: No structural alterations without Lessor approval. Business operations restricted to 8:00 AM to 10:00 PM. Signage must be approved by Lessor.

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 notably absent in the agreement. Any potential disputes are to be resolved via Binding arbitration in East Victor. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-CULTURE-2023-884",
  "document_date": "2023-08-29",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Burns, Mason and Walter",
      "entity_address": "817 Richard Passage\nBooneberg, CO 51610"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Owens Inc",
      "entity_address": "7079 Rhonda Heights Apt. 318\nOrrchester, OK 12530"
    }
  ],
  "property_details": {
    "property_address": "245 Castillo Mountain Suite 171, Suite 2434, New Melissa, Illinois 68464",
    "square_footage": 21403,
    "property_type": "Warehouse"
  },
  "lease_term": {
    "start_date": "2024-01-24",
    "term_duration_months": 60,
    "renewal_options": []
  },
  "financial_terms": {
    "base_rent_initial": 45844.23,
    "rent_frequency": "quarterly",
    "escalation_schedule": [
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2025-01-23",
        "increase_value": 3.07,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2026-01-23",
        "increase_value": 7.51,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2027-01-23",
        "increase_value": 1.58,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Management Fee",
        "payment_structure": "Pro-rata share (8%)"
      },
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 1143.04
      },
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pass-through"
      }
    ]
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Landscaping and snow removal",
      "HVAC system maintenance and replacement"
    ],
    "lessee_responsibilities": [
      "All utility payments for the premises",
      "Pest control within the unit",
      "Interior non-structural maintenance",
      "Minor repairs to plumbing and electrical"
    ]
  },
  "use_restrictions": [
    "No structural alterations without Lessor approval.",
    "Business operations restricted to 8:00 AM to 10:00 PM.",
    "Signage must be approved by Lessor."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": false,
    "sublease_assignment_terms": "Permitted only to an affiliate entity with 30 days prior notice.",
    "dispute_resolution_method": "Binding arbitration in East Victor"
  }
}