<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-FEDERAL-2023-219

This serves as a summary of the commercial lease executed on 2023-10-23 between the Lessor, Kerr LLC, and Lessee, Doyle, Martin and Welch. The subject of this agreement is the Industrial property at 5841 Martinez Roads Suite 596, Suite 1293, Tylermouth, Minnesota 22046, comprising approximately 15,613 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 2024-04-01. The tenant holds 2 option(s) to renew, with the first being for a 36-month extension. To exercise this, a notice period of 365 days is required, with rent adjustment based on Market Rate.

Financial obligations begin with an initial base rent of $75,723.49, payable on a quarterly basis. A security deposit of $75,723.49 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 9.54% taking effect on 2025-04-01. Additional rents include Insurance (Fixed annual contribution), Operating Expenses (CAM) (Fixed annual contribution), Common Area Utilities (Pro-rata share (15%)), Real Estate Taxes (Pro-rata share (2%)).

Regarding property maintenance, the Lessor is responsible for: Parking lot maintenance; Structural repairs to building exterior and roof; HVAC system maintenance and replacement. The Lessee's duties include: All utility payments for the premises; Interior non-structural maintenance; Minor repairs to plumbing and electrical; Janitorial services within leased premises. Use of the premises is specifically limited. Key restrictions include: Business operations restricted to 8:00 AM to 10:00 PM. No structural alterations without Lessor approval.

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 notably absent in the agreement.  Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-FEDERAL-2023-219",
  "document_date": "2023-10-23",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Kerr LLC",
      "entity_address": "2911 Katherine Gateway Apt. 218\nEast Jeremyside, SD 19769",
      "contact_person": "Frank Randall"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Doyle, Martin and Welch"
    }
  ],
  "property_details": {
    "property_address": "5841 Martinez Roads Suite 596, Suite 1293, Tylermouth, Minnesota 22046",
    "square_footage": 15613,
    "property_type": "Industrial",
    "unit_identifier": "Suite 1293"
  },
  "lease_term": {
    "start_date": "2024-04-01",
    "term_duration_months": 120,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 36,
        "notice_period_days": 365,
        "rent_escalation_method": "Market Rate"
      },
      {
        "option_number": 2,
        "renewal_period_months": 60,
        "notice_period_days": 270,
        "rent_escalation_method": "CPI Adjustment"
      }
    ]
  },
  "financial_terms": {
    "base_rent_initial": 75723.49,
    "rent_frequency": "quarterly",
    "escalation_schedule": [
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2025-04-01",
        "increase_value": 9.54,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2026-04-01",
        "increase_value": 7.99,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Insurance",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 7332.92
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 6266.88
      },
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pro-rata share (15%)"
      },
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Pro-rata share (2%)",
        "estimated_annual_cost": 3443.81
      }
    ],
    "security_deposit_amount": 75723.49
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Parking lot maintenance",
      "Structural repairs to building exterior and roof",
      "HVAC system maintenance and replacement"
    ],
    "lessee_responsibilities": [
      "All utility payments for the premises",
      "Interior non-structural maintenance",
      "Minor repairs to plumbing and electrical",
      "Janitorial services within leased premises"
    ]
  },
  "use_restrictions": [
    "Business operations restricted to 8:00 AM to 10:00 PM.",
    "No structural alterations without Lessor approval."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": false,
    "sublease_assignment_terms": "Permitted, subject to Lessor's right of first refusal and a profit-sharing clause."
  }
}