<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-PREVENT-2022-755

This serves as a summary of the commercial lease executed on 2022-10-01 between the Lessor, Villegas-Parsons, and Lessee, Sanders-Austin. The subject of this agreement is the Industrial property at 191 Michael View Suite 509, Suite 1660, East Nicholasbury, Maryland 07619, comprising approximately 2,116 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 2022-10-18 and concluding on 2027-10-18. The tenant holds 2 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 CPI Adjustment.

Financial obligations begin with an initial base rent of $92,282.43, payable on a annually basis. The lease includes a structured rent escalation schedule, with the first increase of 8.15% taking effect on 2023-10-18. Additional rents include Common Area Utilities (Pro-rata share (4%)), Operating Expenses (CAM) (Pro-rata share (3%)), Common Area Utilities (Fixed annual contribution), Common Area Utilities (Pass-through).

Regarding property maintenance, the Lessor is responsible for: Parking lot maintenance; Structural repairs to building exterior and roof. The Lessee's duties include: Janitorial services within leased premises; Interior non-structural maintenance; Minor repairs to plumbing and electrical; Pest control within the unit. Use of the premises is specifically limited. Key restrictions include: Business operations restricted to 8:00 AM to 10:00 PM. Signage must be approved by Lessor. 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 notably absent in the agreement. Any potential disputes are to be resolved via Mediation followed by litigation in the State of Washington. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-PREVENT-2022-755",
  "document_date": "2022-10-01",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Villegas-Parsons",
      "contact_person": "Allison Tran"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Sanders-Austin"
    }
  ],
  "property_details": {
    "property_address": "191 Michael View Suite 509, Suite 1660, East Nicholasbury, Maryland 07619",
    "square_footage": 2116,
    "property_type": "Industrial",
    "unit_identifier": "Suite 1660"
  },
  "lease_term": {
    "start_date": "2022-10-18",
    "term_duration_months": 60,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 24,
        "notice_period_days": 180,
        "rent_escalation_method": "CPI Adjustment"
      },
      {
        "option_number": 2,
        "renewal_period_months": 24,
        "notice_period_days": 365,
        "rent_escalation_method": "Market Rate"
      }
    ],
    "end_date": "2027-10-18"
  },
  "financial_terms": {
    "base_rent_initial": 92282.43,
    "rent_frequency": "annually",
    "escalation_schedule": [
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2023-10-18",
        "increase_value": 8.15,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2024-10-17",
        "increase_value": 3.48,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2025-10-17",
        "increase_value": 5.43,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2026-10-17",
        "increase_value": 9.95,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pro-rata share (4%)",
        "estimated_annual_cost": 3761.12
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pro-rata share (3%)",
        "estimated_annual_cost": 3976.25
      },
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Fixed annual contribution"
      },
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pass-through"
      }
    ]
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Parking lot maintenance",
      "Structural repairs to building exterior and roof"
    ],
    "lessee_responsibilities": [
      "Janitorial services within leased premises",
      "Interior non-structural maintenance",
      "Minor repairs to plumbing and electrical",
      "Pest control within the unit"
    ]
  },
  "use_restrictions": [
    "Business operations restricted to 8:00 AM to 10:00 PM.",
    "Signage must be approved by Lessor.",
    "No hazardous materials permitted on the premises without prior written consent."
  ],
  "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 Washington"
  }
}