<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-TOGETHER-2024-189

This serves as a summary of the commercial lease executed on 2024-03-24 between the Lessor, Melton, Ellis and Schmidt, and Lessee, Owens, Lee and Marshall. The subject of this agreement is the Retail property at 799 Gilbert Walk, Suite 2245, Brandtview, North Carolina 79195, comprising approximately 22,635 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 2024-05-22 and concluding on 2031-05-22. The tenant holds 1 option(s) to renew, with the first being for a 24-month extension. To exercise this, a notice period of 180 days is required, with rent adjustment based on Fixed Percentage.

Financial obligations begin with an initial base rent of $3,180.49, payable on a quarterly basis. A security deposit of $6,360.98 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 8.11% taking effect on 2025-05-22. Additional rents include Common Area Utilities (Fixed annual contribution), Operating Expenses (CAM) (Pro-rata share (5%)), Insurance (Pro-rata share (14%)), Common Area Utilities (Fixed annual contribution).

Regarding property maintenance, the Lessor is responsible for: Parking lot maintenance; Landscaping and snow removal. The Lessee's duties include: All utility payments for the premises; Pest control within the unit; Janitorial services within leased premises; Interior non-structural maintenance. 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.

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. Any potential disputes are to be resolved via Mediation followed by litigation in the State of Michigan. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-TOGETHER-2024-189",
  "document_date": "2024-03-24",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Melton, Ellis and Schmidt",
      "entity_address": "257 Warner Bridge Suite 120\nDudleyshire, VT 43680",
      "contact_person": "Brenda Benjamin"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Owens, Lee and Marshall",
      "entity_address": "42354 Miller Lodge\nMichaelview, NJ 17868"
    }
  ],
  "property_details": {
    "property_address": "799 Gilbert Walk, Suite 2245, Brandtview, North Carolina 79195",
    "square_footage": 22635,
    "property_type": "Retail"
  },
  "lease_term": {
    "start_date": "2024-05-22",
    "term_duration_months": 84,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 24,
        "notice_period_days": 180,
        "rent_escalation_method": "Fixed Percentage"
      }
    ],
    "end_date": "2031-05-22"
  },
  "financial_terms": {
    "base_rent_initial": 3180.49,
    "rent_frequency": "quarterly",
    "escalation_schedule": [
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2025-05-22",
        "increase_value": 8.11,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2026-05-22",
        "increase_value": 2.99,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2027-05-22",
        "increase_value": 6.92,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2028-05-21",
        "increase_value": 5.87,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 4513.88
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pro-rata share (5%)",
        "estimated_annual_cost": 3749.04
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Pro-rata share (14%)",
        "estimated_annual_cost": 7733.04
      },
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 7317.03
      }
    ],
    "security_deposit_amount": 6360.98
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Parking lot maintenance",
      "Landscaping and snow removal"
    ],
    "lessee_responsibilities": [
      "All utility payments for the premises",
      "Pest control within the unit",
      "Janitorial services within leased premises",
      "Interior non-structural maintenance"
    ]
  },
  "use_restrictions": [
    "Premises to be used solely for general office purposes.",
    "No hazardous materials permitted on the premises without prior written consent."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": false,
    "sublease_assignment_terms": "Requires prior written consent from Lessor, not to be unreasonably withheld.",
    "dispute_resolution_method": "Mediation followed by litigation in the State of Michigan"
  }
}