<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-FINAL-2023-950

This serves as a summary of the commercial lease executed on 2023-09-08 between the Lessor, Vega, Boyer and Mcpherson, and Lessee, Burke, Simmons and Silva. The subject of this agreement is the Warehouse property at 332 Bailey Radial, Suite 2333, West Tinaborough, South Dakota 02246, comprising approximately 15,472 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 2023-10-19 and concluding on 2026-10-18. The tenant holds 1 option(s) to renew, with the first being for a 60-month extension. To exercise this, a notice period of 180 days is required, with rent adjustment based on Market Rate.

Financial obligations begin with an initial base rent of $14,962.73, payable on a quarterly basis. A security deposit of $29,925.46 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 3.6% taking effect on 2024-10-18. Additional rents include Management Fee (Pass-through), Management Fee (Fixed annual contribution), Insurance (Fixed annual contribution), Real Estate Taxes (Pass-through).

Regarding property maintenance, the Lessor is responsible for: Structural repairs to building exterior and roof; Parking lot maintenance; Landscaping and snow removal. The Lessee's duties include: All utility payments for the premises; Pest control within the unit. Use of the premises is specifically limited. Key restrictions include: No hazardous materials permitted on the premises without prior written consent. No structural alterations without Lessor approval.

From a legal perspective, the terms regarding subleasing or assignment are as follows: Requires prior written consent from Lessor, not to be unreasonably withheld. A force majeure clause is present in the agreement. Any potential disputes are to be resolved via Binding arbitration in Jessicaview. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-FINAL-2023-950",
  "document_date": "2023-09-08",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Vega, Boyer and Mcpherson",
      "entity_address": "7363 Mitchell Ranch Apt. 819\nMiguelton, LA 54260",
      "contact_person": "Jeremy Cunningham"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Burke, Simmons and Silva",
      "entity_address": "4529 Guerra Lights Apt. 031\nSouth Kenneth, NE 05023"
    }
  ],
  "property_details": {
    "property_address": "332 Bailey Radial, Suite 2333, West Tinaborough, South Dakota 02246",
    "square_footage": 15472,
    "property_type": "Warehouse",
    "unit_identifier": "Suite 2333"
  },
  "lease_term": {
    "start_date": "2023-10-19",
    "term_duration_months": 36,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 60,
        "notice_period_days": 180,
        "rent_escalation_method": "Market Rate"
      }
    ],
    "end_date": "2026-10-18"
  },
  "financial_terms": {
    "base_rent_initial": 14962.73,
    "rent_frequency": "quarterly",
    "escalation_schedule": [
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2024-10-18",
        "increase_value": 3.6,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2025-10-18",
        "increase_value": 2.53,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2026-10-18",
        "increase_value": 7.67,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Management Fee",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 7280.03
      },
      {
        "component_name": "Management Fee",
        "payment_structure": "Fixed annual contribution"
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 4821.77
      },
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 7529.18
      }
    ],
    "security_deposit_amount": 29925.46
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Structural repairs to building exterior and roof",
      "Parking lot maintenance",
      "Landscaping and snow removal"
    ],
    "lessee_responsibilities": [
      "All utility payments for the premises",
      "Pest control within the unit"
    ]
  },
  "use_restrictions": [
    "No hazardous materials permitted on the premises without prior written consent.",
    "No structural alterations without Lessor approval."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": true,
    "sublease_assignment_terms": "Requires prior written consent from Lessor, not to be unreasonably withheld.",
    "dispute_resolution_method": "Binding arbitration in Jessicaview"
  }
}