<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-CLEAR-2023-872

This serves as a summary of the commercial lease executed on 2023-12-14 between the Lessor, Lambert, Young and Hayes, and Lessee, Vargas-Zhang. The subject of this agreement is the Industrial property at 55750 Andrew Lights, Suite 559, Victoriaborough, North Dakota 12421, comprising approximately 9,270 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 2024-01-11. The tenant holds 2 option(s) to renew, with the first being for a 36-month extension. To exercise this, a notice period of 270 days is required, with rent adjustment based on CPI Adjustment.

Financial obligations begin with an initial base rent of $11,411.00, payable on a monthly basis. A security deposit of $22,822.00 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 8.57 $/sf taking effect on 2025-01-10. Additional rents include Operating Expenses (CAM) (Pro-rata share (11%)), Operating Expenses (CAM) (Pass-through), Real Estate Taxes (Fixed annual contribution).

Regarding property maintenance, the Lessor is responsible for: HVAC system maintenance and replacement; Landscaping and snow removal. The Lessee's duties include: Interior non-structural maintenance; All utility payments for the premises. Use of the premises is specifically limited. Key restrictions include: No structural alterations without Lessor approval. No hazardous materials permitted on the premises without prior written consent.

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 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-CLEAR-2023-872",
  "document_date": "2023-12-14",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Lambert, Young and Hayes",
      "entity_address": "485 Thomas Pike Apt. 382\nNorth Mirandafort, IN 25336",
      "contact_person": "Wendy Berry"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Vargas-Zhang",
      "entity_address": "38930 Jessica Inlet Suite 806\nPort Bethany, MO 78399"
    }
  ],
  "property_details": {
    "property_address": "55750 Andrew Lights, Suite 559, Victoriaborough, North Dakota 12421",
    "square_footage": 9270,
    "property_type": "Industrial",
    "unit_identifier": "Suite 559"
  },
  "lease_term": {
    "start_date": "2024-01-11",
    "term_duration_months": 120,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 36,
        "notice_period_days": 270,
        "rent_escalation_method": "CPI Adjustment"
      },
      {
        "option_number": 2,
        "renewal_period_months": 60,
        "notice_period_days": 270,
        "rent_escalation_method": "Market Rate"
      }
    ]
  },
  "financial_terms": {
    "base_rent_initial": 11411.0,
    "rent_frequency": "monthly",
    "escalation_schedule": [
      {
        "escalation_type": "Step-Up",
        "effective_date": "2025-01-10",
        "increase_value": 8.57,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2026-01-10",
        "increase_value": 2.81,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2027-01-10",
        "increase_value": 4.88,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2028-01-10",
        "increase_value": 3.67,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pro-rata share (11%)"
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 6581.01
      },
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Fixed annual contribution"
      }
    ],
    "security_deposit_amount": 22822.0
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "HVAC system maintenance and replacement",
      "Landscaping and snow removal"
    ],
    "lessee_responsibilities": [
      "Interior non-structural maintenance",
      "All utility payments for the premises"
    ]
  },
  "use_restrictions": [
    "No structural alterations without Lessor approval.",
    "No hazardous materials permitted on the premises without prior written consent."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": true,
    "sublease_assignment_terms": "Requires prior written consent from Lessor, not to be unreasonably withheld.",
    "dispute_resolution_method": "Litigation in the jurisdiction of the property location."
  }
}