<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-KID-2022-597

This serves as a summary of the commercial lease executed on 2022-09-21 between the Lessor, Torres Inc, and Lessee, Walker-Davis. The subject of this agreement is the Industrial property at 47629 Mcdaniel Passage Suite 838, Suite 1161, South Eric, Iowa 85902, comprising approximately 11,757 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 72 months, commencing on 2022-12-13 and concluding on 2028-12-12. The tenant holds 1 option(s) to renew, with the first being for a 24-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 $16,443.80, payable on a monthly basis. A security deposit of $16,443.80 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 7.89% taking effect on 2023-12-13. Additional rents include Operating Expenses (CAM) (Pass-through), Management Fee (Pass-through).

Regarding property maintenance, the Lessor is responsible for: Parking lot maintenance; HVAC system maintenance and replacement; Common area maintenance (CAM). The Lessee's duties include: Janitorial services within leased premises; Pest control within the unit; Interior non-structural maintenance; All utility payments for the premises. Use of the premises is specifically limited. Key restrictions include: Business operations restricted to 8:00 AM to 10:00 PM. No hazardous materials permitted on the premises without prior written consent. Signage must be approved by Lessor.

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.  Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-KID-2022-597",
  "document_date": "2022-09-21",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Torres Inc",
      "entity_address": "557 Pineda Rapid\nThompsonport, CT 95468",
      "contact_person": "Jeffrey George"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Walker-Davis"
    }
  ],
  "property_details": {
    "property_address": "47629 Mcdaniel Passage Suite 838, Suite 1161, South Eric, Iowa 85902",
    "square_footage": 11757,
    "property_type": "Industrial",
    "unit_identifier": "Suite 1161"
  },
  "lease_term": {
    "start_date": "2022-12-13",
    "term_duration_months": 72,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 24,
        "notice_period_days": 365,
        "rent_escalation_method": "Market Rate"
      }
    ],
    "end_date": "2028-12-12"
  },
  "financial_terms": {
    "base_rent_initial": 16443.8,
    "rent_frequency": "monthly",
    "escalation_schedule": [
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2023-12-13",
        "increase_value": 7.89,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2024-12-12",
        "increase_value": 2.44,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2025-12-12",
        "increase_value": 9.45,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2026-12-12",
        "increase_value": 4.65,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 6891.18
      },
      {
        "component_name": "Management Fee",
        "payment_structure": "Pass-through"
      }
    ],
    "security_deposit_amount": 16443.8
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Parking lot maintenance",
      "HVAC system maintenance and replacement",
      "Common area maintenance (CAM)"
    ],
    "lessee_responsibilities": [
      "Janitorial services within leased premises",
      "Pest control within the unit",
      "Interior non-structural maintenance",
      "All utility payments for the premises"
    ]
  },
  "use_restrictions": [
    "Business operations restricted to 8:00 AM to 10:00 PM.",
    "No hazardous materials permitted on the premises without prior written consent.",
    "Signage must be approved by Lessor."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": true,
    "sublease_assignment_terms": "Permitted, subject to Lessor's right of first refusal and a profit-sharing clause."
  }
}