<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-EFFECT-2024-424

This serves as a summary of the commercial lease executed on 2024-03-30 between the Lessor, Peterson-Hopkins, and Lessee, Torres, Vasquez and Cortez. The subject of this agreement is the Medical Office property at 72511 Donald Viaduct, Suite 710, Port Deborahtown, Ohio 16552, comprising approximately 10,612 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 2024-05-16 and concluding on 2031-05-16. 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 Market Rate.

Financial obligations begin with an initial base rent of $8,177.85, payable on a annually basis. A security deposit of $16,355.70 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 4.9% taking effect on 2025-05-16. Additional rents include Common Area Utilities (Pro-rata share (15%)), Management Fee (Pro-rata share (11%)), Insurance (Fixed annual contribution), Insurance (Fixed annual contribution).

Regarding property maintenance, the Lessor is responsible for: Common area maintenance (CAM); Structural repairs to building exterior and roof. The Lessee's duties include: All utility payments for the premises; Pest control within the unit. Use of the premises is specifically limited. Key restrictions include: Premises to be used solely for general office purposes. Business operations restricted to 8:00 AM to 10:00 PM.

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 Wyoming. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-EFFECT-2024-424",
  "document_date": "2024-03-30",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Peterson-Hopkins",
      "contact_person": "Kenneth Harper"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Torres, Vasquez and Cortez"
    }
  ],
  "property_details": {
    "property_address": "72511 Donald Viaduct, Suite 710, Port Deborahtown, Ohio 16552",
    "square_footage": 10612,
    "property_type": "Medical Office",
    "unit_identifier": "Suite 710"
  },
  "lease_term": {
    "start_date": "2024-05-16",
    "term_duration_months": 84,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 24,
        "notice_period_days": 180,
        "rent_escalation_method": "Market Rate"
      }
    ],
    "end_date": "2031-05-16"
  },
  "financial_terms": {
    "base_rent_initial": 8177.85,
    "rent_frequency": "annually",
    "escalation_schedule": [
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2025-05-16",
        "increase_value": 4.9,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2026-05-16",
        "increase_value": 7.1,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2027-05-16",
        "increase_value": 6.68,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2028-05-15",
        "increase_value": 4.49,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pro-rata share (15%)",
        "estimated_annual_cost": 9904.83
      },
      {
        "component_name": "Management Fee",
        "payment_structure": "Pro-rata share (11%)",
        "estimated_annual_cost": 2590.33
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Fixed annual contribution"
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 7495.48
      }
    ],
    "security_deposit_amount": 16355.7
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Common area maintenance (CAM)",
      "Structural repairs to building exterior and roof"
    ],
    "lessee_responsibilities": [
      "All utility payments for the premises",
      "Pest control within the unit"
    ]
  },
  "use_restrictions": [
    "Premises to be used solely for general office purposes.",
    "Business operations restricted to 8:00 AM to 10:00 PM."
  ],
  "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 Wyoming"
  }
}