<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-ARTIST-2024-124

This serves as a summary of the commercial lease executed on 2024-08-03 between the Lessor, Garcia-Martin, and Lessee, Cherry-Barker. The subject of this agreement is the Industrial property at 787 Grace Lane, Suite 561, Michaelland, Mississippi 38525, comprising approximately 1,998 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 2024-10-04 and concluding on 2029-10-04. No renewal options were specified in the agreement.

Financial obligations begin with an initial base rent of $2,409.91, payable on a quarterly basis. A security deposit of $4,819.82 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 1.63 $/sf taking effect on 2025-10-04. Additional rents include Real Estate Taxes (Fixed annual contribution), Insurance (Pass-through).

Regarding property maintenance, the Lessor is responsible for: Common area maintenance (CAM); Parking lot maintenance. The Lessee's duties include: Pest control within the unit; Minor repairs to plumbing and electrical. Use of the premises is specifically limited. Key restrictions include: No structural alterations without Lessor approval. 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: 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 Mediation followed by litigation in the State of South Carolina. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-ARTIST-2024-124",
  "document_date": "2024-08-03",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Garcia-Martin",
      "entity_address": "83497 Sandra Roads Suite 043\nNew Robert, CO 84710",
      "contact_person": "Barbara Benjamin"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Cherry-Barker",
      "entity_address": "744 Benjamin Falls\nThorntonfort, ID 39219"
    }
  ],
  "property_details": {
    "property_address": "787 Grace Lane, Suite 561, Michaelland, Mississippi 38525",
    "square_footage": 1998,
    "property_type": "Industrial",
    "unit_identifier": "Suite 561"
  },
  "lease_term": {
    "start_date": "2024-10-04",
    "term_duration_months": 60,
    "renewal_options": [],
    "end_date": "2029-10-04"
  },
  "financial_terms": {
    "base_rent_initial": 2409.91,
    "rent_frequency": "quarterly",
    "escalation_schedule": [
      {
        "escalation_type": "Step-Up",
        "effective_date": "2025-10-04",
        "increase_value": 1.63,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2026-10-04",
        "increase_value": 0.73,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 2302.9
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 2751.36
      }
    ],
    "security_deposit_amount": 4819.82
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Common area maintenance (CAM)",
      "Parking lot maintenance"
    ],
    "lessee_responsibilities": [
      "Pest control within the unit",
      "Minor repairs to plumbing and electrical"
    ]
  },
  "use_restrictions": [
    "No structural alterations without Lessor approval.",
    "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": "Permitted only to an affiliate entity with 30 days prior notice.",
    "dispute_resolution_method": "Mediation followed by litigation in the State of South Carolina"
  }
}