<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-WHITE-2024-616

This serves as a summary of the commercial lease executed on 2024-01-04 between the Lessor, Phillips Inc, and Lessee, Rodriguez, Hoffman and Rush. The subject of this agreement is the Medical Office property at 93927 Peter Tunnel, Suite 1645, Lake Joshua, Delaware 67205, comprising approximately 17,052 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 2024-04-12 and concluding on 2027-04-12. The tenant holds 1 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 CPI Adjustment.

Financial obligations begin with an initial base rent of $1,013.76, payable on a annually basis. A security deposit of $1,013.76 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 1.78% taking effect on 2025-04-12. Additional rents include Management Fee (Pro-rata share (13%)), Operating Expenses (CAM) (Pro-rata share (7%)), Management Fee (Pass-through), Real Estate Taxes (Pass-through).

Regarding property maintenance, the Lessor is responsible for: Parking lot maintenance; Common area maintenance (CAM). The Lessee's duties include: Minor repairs to plumbing and electrical; Pest control within the unit; Janitorial services within leased premises; All utility payments for the premises. Use of the premises is specifically limited. Key restrictions include: Premises to be used solely for general office purposes. Signage must be approved by Lessor.

From a legal perspective, the terms regarding subleasing or assignment are as follows: Strictly prohibited under all circumstances. 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 New Jersey. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-WHITE-2024-616",
  "document_date": "2024-01-04",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Phillips Inc",
      "entity_address": "0763 Benton Branch\nPort Jose, AR 54037"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Rodriguez, Hoffman and Rush",
      "entity_address": "934 Savannah Valleys\nPort Elizabeth, IL 42667"
    }
  ],
  "property_details": {
    "property_address": "93927 Peter Tunnel, Suite 1645, Lake Joshua, Delaware 67205",
    "square_footage": 17052,
    "property_type": "Medical Office"
  },
  "lease_term": {
    "start_date": "2024-04-12",
    "term_duration_months": 36,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 24,
        "notice_period_days": 270,
        "rent_escalation_method": "CPI Adjustment"
      }
    ],
    "end_date": "2027-04-12"
  },
  "financial_terms": {
    "base_rent_initial": 1013.76,
    "rent_frequency": "annually",
    "escalation_schedule": [
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2025-04-12",
        "increase_value": 1.78,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2026-04-12",
        "increase_value": 4.53,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2027-04-12",
        "increase_value": 9.48,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Management Fee",
        "payment_structure": "Pro-rata share (13%)",
        "estimated_annual_cost": 3689.64
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pro-rata share (7%)",
        "estimated_annual_cost": 2838.15
      },
      {
        "component_name": "Management Fee",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 1660.68
      },
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 2512.18
      }
    ],
    "security_deposit_amount": 1013.76
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Parking lot maintenance",
      "Common area maintenance (CAM)"
    ],
    "lessee_responsibilities": [
      "Minor repairs to plumbing and electrical",
      "Pest control within the unit",
      "Janitorial services within leased premises",
      "All utility payments for the premises"
    ]
  },
  "use_restrictions": [
    "Premises to be used solely for general office purposes.",
    "Signage must be approved by Lessor."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": false,
    "sublease_assignment_terms": "Strictly prohibited under all circumstances.",
    "dispute_resolution_method": "Mediation followed by litigation in the State of New Jersey"
  }
}