<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-GLASS-2023-722

This serves as a summary of the commercial lease executed on 2023-12-21 between the Lessor, Matthews, Williams and Patterson, and Lessee, Sherman, Cortez and Evans. The subject of this agreement is the Industrial property at 16966 Brianna Estate Suite 967, Suite 2060, Kimberlyfurt, Arizona 46670, comprising approximately 3,922 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 2024-04-19. The tenant holds 2 option(s) to renew, with the first being for a 24-month extension. To exercise this, a notice period of 270 days is required, with rent adjustment based on Fixed Percentage.

Financial obligations begin with an initial base rent of $7,958.41, payable on a quarterly basis. The lease includes a structured rent escalation schedule, with the first increase of 7.13% taking effect on 2025-04-19. Additional rents include Insurance (Pro-rata share (14%)), Management Fee (Pass-through), Operating Expenses (CAM) (Fixed annual contribution).

Regarding property maintenance, the Lessor is responsible for: Common area maintenance (CAM); HVAC system maintenance and replacement. The Lessee's duties include: Pest control within the unit; All utility payments for the premises; Minor repairs to plumbing and electrical; Janitorial services within leased premises. Use of the premises is specifically limited. Key restrictions include: Signage must be approved by Lessor. No structural alterations without Lessor approval.

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.  Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-GLASS-2023-722",
  "document_date": "2023-12-21",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Matthews, Williams and Patterson",
      "entity_address": "755 Stephen Hollow Suite 344\nBrendafort, NY 92977",
      "contact_person": "Elizabeth Reed"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Sherman, Cortez and Evans"
    }
  ],
  "property_details": {
    "property_address": "16966 Brianna Estate Suite 967, Suite 2060, Kimberlyfurt, Arizona 46670",
    "square_footage": 3922,
    "property_type": "Industrial"
  },
  "lease_term": {
    "start_date": "2024-04-19",
    "term_duration_months": 60,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 24,
        "notice_period_days": 270,
        "rent_escalation_method": "Fixed Percentage"
      },
      {
        "option_number": 2,
        "renewal_period_months": 24,
        "notice_period_days": 180,
        "rent_escalation_method": "Market Rate"
      }
    ]
  },
  "financial_terms": {
    "base_rent_initial": 7958.41,
    "rent_frequency": "quarterly",
    "escalation_schedule": [
      {
        "escalation_type": "Step-Up",
        "effective_date": "2025-04-19",
        "increase_value": 7.13,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2026-04-19",
        "increase_value": 8.84,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Insurance",
        "payment_structure": "Pro-rata share (14%)"
      },
      {
        "component_name": "Management Fee",
        "payment_structure": "Pass-through"
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 4152.1
      }
    ]
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Common area maintenance (CAM)",
      "HVAC system maintenance and replacement"
    ],
    "lessee_responsibilities": [
      "Pest control within the unit",
      "All utility payments for the premises",
      "Minor repairs to plumbing and electrical",
      "Janitorial services within leased premises"
    ]
  },
  "use_restrictions": [
    "Signage must be approved by Lessor.",
    "No structural alterations without Lessor approval."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": false,
    "sublease_assignment_terms": "Permitted only to an affiliate entity with 30 days prior notice."
  }
}