<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-ONE-2024-506

This serves as a summary of the commercial lease executed on 2024-02-28 between the Lessor, Stevens LLC, and Lessee, Smith-Allen. The subject of this agreement is the Office property at 20648 Sheila Burg, Suite 1344, Parkerstad, West Virginia 63972, comprising approximately 22,866 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 36 months, commencing on 2024-04-18 and concluding on 2027-04-18. No renewal options were specified in the agreement.

Financial obligations begin with an initial base rent of $38,569.86, payable on a quarterly basis. A security deposit of $38,569.86 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 6.33% taking effect on 2025-04-18. Additional rents include Operating Expenses (CAM) (Fixed annual contribution), Operating Expenses (CAM) (Pass-through).

Regarding property maintenance, the Lessor is responsible for: Parking lot maintenance; Structural repairs to building exterior and roof. The Lessee's duties include: Interior non-structural maintenance; 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. No hazardous materials permitted on the premises without prior written consent.

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 present in the agreement. Any potential disputes are to be resolved via Binding arbitration in Riggsport. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-ONE-2024-506",
  "document_date": "2024-02-28",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Stevens LLC",
      "entity_address": "419 West Parkway\nSouth Tracy, MS 41350",
      "contact_person": "Ashley Griffin"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Smith-Allen",
      "entity_address": "577 Tanner Orchard\nWest Vanessa, LA 54224"
    }
  ],
  "property_details": {
    "property_address": "20648 Sheila Burg, Suite 1344, Parkerstad, West Virginia 63972",
    "square_footage": 22866,
    "property_type": "Office",
    "unit_identifier": "Suite 1344"
  },
  "lease_term": {
    "start_date": "2024-04-18",
    "term_duration_months": 36,
    "renewal_options": [],
    "end_date": "2027-04-18"
  },
  "financial_terms": {
    "base_rent_initial": 38569.86,
    "rent_frequency": "quarterly",
    "escalation_schedule": [
      {
        "escalation_type": "Step-Up",
        "effective_date": "2025-04-18",
        "increase_value": 6.33,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2026-04-18",
        "increase_value": 7.6,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2027-04-18",
        "increase_value": 0.16,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2028-04-17",
        "increase_value": 2.5,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 3882.88
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 8521.63
      }
    ],
    "security_deposit_amount": 38569.86
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Parking lot maintenance",
      "Structural repairs to building exterior and roof"
    ],
    "lessee_responsibilities": [
      "Interior non-structural maintenance",
      "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.",
    "No hazardous materials permitted on the premises without prior written consent."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": true,
    "sublease_assignment_terms": "Permitted, subject to Lessor's right of first refusal and a profit-sharing clause.",
    "dispute_resolution_method": "Binding arbitration in Riggsport"
  }
}