<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-CONGRESS-2023-907

This serves as a summary of the commercial lease executed on 2023-01-21 between the Lessor, Vargas Inc, and Lessee, Walton-Osborn. The subject of this agreement is the Retail property at 5204 Zachary Overpass, Suite 775, Keithside, Illinois 31384, comprising approximately 13,952 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 2023-07-02 and concluding on 2033-07-01. 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 $50,665.41, payable on a annually basis. A security deposit of $101,330.82 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 7.49 $/sf taking effect on 2024-07-01. Additional rents include Real Estate Taxes (Fixed annual contribution), Real Estate Taxes (Pro-rata share (14%)).

Regarding property maintenance, the Lessor is responsible for: Landscaping and snow removal; Parking lot maintenance; Common area maintenance (CAM). The Lessee's duties include: All utility payments for the premises; Interior non-structural maintenance. 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.

From a legal perspective, the terms regarding subleasing or assignment are as follows: Permitted, subject to Lessor's right of first refusal and a profit-sharing clause. A force majeure clause is present in the agreement. Any potential disputes are to be resolved via Litigation in the jurisdiction of the property location.. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-CONGRESS-2023-907",
  "document_date": "2023-01-21",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Vargas Inc",
      "contact_person": "Sheila Grant"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Walton-Osborn"
    }
  ],
  "property_details": {
    "property_address": "5204 Zachary Overpass, Suite 775, Keithside, Illinois 31384",
    "square_footage": 13952,
    "property_type": "Retail",
    "unit_identifier": "Suite 775"
  },
  "lease_term": {
    "start_date": "2023-07-02",
    "term_duration_months": 120,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 60,
        "notice_period_days": 180,
        "rent_escalation_method": "Market Rate"
      }
    ],
    "end_date": "2033-07-01"
  },
  "financial_terms": {
    "base_rent_initial": 50665.41,
    "rent_frequency": "annually",
    "escalation_schedule": [
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2024-07-01",
        "increase_value": 7.49,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2025-07-01",
        "increase_value": 6.31,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Fixed annual contribution"
      },
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Pro-rata share (14%)"
      }
    ],
    "security_deposit_amount": 101330.82
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Landscaping and snow removal",
      "Parking lot maintenance",
      "Common area maintenance (CAM)"
    ],
    "lessee_responsibilities": [
      "All utility payments for the premises",
      "Interior non-structural maintenance"
    ]
  },
  "use_restrictions": [
    "Signage must be approved by Lessor.",
    "Business operations restricted to 8:00 AM to 10:00 PM."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": true,
    "sublease_assignment_terms": "Permitted, subject to Lessor's right of first refusal and a profit-sharing clause.",
    "dispute_resolution_method": "Litigation in the jurisdiction of the property location."
  }
}