<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-ONTO-2023-240

This serves as a summary of the commercial lease executed on 2023-06-02 between the Lessor, Spears Inc, and Lessee, Duncan Group. The subject of this agreement is the Warehouse property at 4767 Megan Stravenue Apt. 060, Suite 2415, Port William, Kansas 59237, comprising approximately 4,811 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 2023-06-11 and concluding on 2033-06-10. No renewal options were specified in the agreement.

Financial obligations begin with an initial base rent of $80,105.93, payable on a annually basis. A security deposit of $80,105.93 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 9.32 $/sf taking effect on 2024-06-10. Additional rents include Common Area Utilities (Pro-rata share (14%)), Insurance (Pro-rata share (6%)), Real Estate Taxes (Fixed annual contribution).

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; Janitorial services within leased premises; Minor repairs to plumbing and electrical. Use of the premises is specifically limited. Key restrictions include: No hazardous materials permitted on the premises without prior written consent. Premises to be used solely for general office purposes. Signage must be approved by Lessor.

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. 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-ONTO-2023-240",
  "document_date": "2023-06-02",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Spears Inc",
      "entity_address": "041 Evans Course\nEast Robertmouth, AZ 98904",
      "contact_person": "Kristen Sherman"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Duncan Group"
    }
  ],
  "property_details": {
    "property_address": "4767 Megan Stravenue Apt. 060, Suite 2415, Port William, Kansas 59237",
    "square_footage": 4811,
    "property_type": "Warehouse",
    "unit_identifier": "Suite 2415"
  },
  "lease_term": {
    "start_date": "2023-06-11",
    "term_duration_months": 120,
    "renewal_options": [],
    "end_date": "2033-06-10"
  },
  "financial_terms": {
    "base_rent_initial": 80105.93,
    "rent_frequency": "annually",
    "escalation_schedule": [
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2024-06-10",
        "increase_value": 9.32,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2025-06-10",
        "increase_value": 1.85,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2026-06-10",
        "increase_value": 9.86,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2027-06-10",
        "increase_value": 3.93,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pro-rata share (14%)",
        "estimated_annual_cost": 9596.02
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Pro-rata share (6%)",
        "estimated_annual_cost": 3768.49
      },
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 3699.36
      }
    ],
    "security_deposit_amount": 80105.93
  },
  "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",
      "Janitorial services within leased premises",
      "Minor repairs to plumbing and electrical"
    ]
  },
  "use_restrictions": [
    "No hazardous materials permitted on the premises without prior written consent.",
    "Premises to be used solely for general office purposes.",
    "Signage must be approved by Lessor."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": true,
    "sublease_assignment_terms": "Strictly prohibited under all circumstances.",
    "dispute_resolution_method": "Litigation in the jurisdiction of the property location."
  }
}