<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-TASK-2023-517

This serves as a summary of the commercial lease executed on 2023-08-01 between the Lessor, Watts, Johnson and Reeves, and Lessee, Perry-Blevins. The subject of this agreement is the Retail property at 61504 Sheri Ways Apt. 831, Suite 2443, Kennethfort, Connecticut 93775, comprising approximately 21,962 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 120 months, commencing on 2023-09-05. 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 Fixed Percentage.

Financial obligations begin with an initial base rent of $96,736.08, payable on a annually basis. The lease includes a structured rent escalation schedule, with the first increase of 7.79% taking effect on 2024-09-04. Additional rents include Insurance (Pass-through), Common Area Utilities (Fixed annual contribution), Real Estate Taxes (Pro-rata share (10%)).

Regarding property maintenance, the Lessor is responsible for: Structural repairs to building exterior and roof; Landscaping and snow removal; HVAC system maintenance and replacement. The Lessee's duties include: Minor repairs to plumbing and electrical; Janitorial services within leased premises; All utility payments for the premises. Use of the premises is specifically limited. Key restrictions include: Signage must be approved by Lessor. Business operations restricted to 8:00 AM to 10:00 PM. No hazardous materials permitted on the premises without prior written consent.

From a legal perspective, the terms regarding subleasing or assignment are as follows: Strictly prohibited under all circumstances. A force majeure clause is present in the agreement.  Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-TASK-2023-517",
  "document_date": "2023-08-01",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Watts, Johnson and Reeves",
      "contact_person": "Alison Long"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Perry-Blevins"
    }
  ],
  "property_details": {
    "property_address": "61504 Sheri Ways Apt. 831, Suite 2443, Kennethfort, Connecticut 93775",
    "square_footage": 21962,
    "property_type": "Retail",
    "unit_identifier": "Suite 2443"
  },
  "lease_term": {
    "start_date": "2023-09-05",
    "term_duration_months": 120,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 24,
        "notice_period_days": 270,
        "rent_escalation_method": "Fixed Percentage"
      }
    ]
  },
  "financial_terms": {
    "base_rent_initial": 96736.08,
    "rent_frequency": "annually",
    "escalation_schedule": [
      {
        "escalation_type": "Step-Up",
        "effective_date": "2024-09-04",
        "increase_value": 7.79,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2025-09-04",
        "increase_value": 5.1,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2026-09-04",
        "increase_value": 7.07,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2027-09-04",
        "increase_value": 5.99,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Insurance",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 1950.37
      },
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 3420.87
      },
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Pro-rata share (10%)"
      }
    ]
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Structural repairs to building exterior and roof",
      "Landscaping and snow removal",
      "HVAC system maintenance and replacement"
    ],
    "lessee_responsibilities": [
      "Minor repairs to plumbing and electrical",
      "Janitorial services within leased premises",
      "All utility payments for the premises"
    ]
  },
  "use_restrictions": [
    "Signage must be approved by Lessor.",
    "Business operations restricted to 8:00 AM to 10:00 PM.",
    "No hazardous materials permitted on the premises without prior written consent."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": true,
    "sublease_assignment_terms": "Strictly prohibited under all circumstances."
  }
}