<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-COURSE-2023-427

This serves as a summary of the commercial lease executed on 2023-05-25 between the Lessor, Cross Group, and Lessee, Lowe, Foster and Simmons. The subject of this agreement is the Warehouse property at 5824 Willie Ridges, Suite 1202, Michaelhaven, New Jersey 50710, comprising approximately 17,928 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 2023-07-25 and concluding on 2033-07-24. 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 $77,382.21, payable on a annually basis. A security deposit of $77,382.21 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 1.39% taking effect on 2024-07-24. Additional rents include Real Estate Taxes (Pro-rata share (11%)), Real Estate Taxes (Pass-through), Management Fee (Pro-rata share (13%)), Real Estate Taxes (Pass-through).

Regarding property maintenance, the Lessor is responsible for: Structural repairs to building exterior and roof; HVAC system maintenance and replacement; Parking lot maintenance. The Lessee's duties include: Pest control within the unit; All utility payments for the premises; Interior non-structural maintenance. Use of the premises is specifically limited. Key restrictions include: No structural alterations without Lessor approval. Premises to be used solely for general office purposes.

From a legal perspective, the terms regarding subleasing or assignment are as follows: Strictly prohibited under all circumstances. A force majeure clause is notably absent in the agreement. Any potential disputes are to be resolved via Mediation followed by litigation in the State of Alaska. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-COURSE-2023-427",
  "document_date": "2023-05-25",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Cross Group",
      "entity_address": "Unit 1347 Box 5547\nDPO AE 33647"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Lowe, Foster and Simmons"
    }
  ],
  "property_details": {
    "property_address": "5824 Willie Ridges, Suite 1202, Michaelhaven, New Jersey 50710",
    "square_footage": 17928,
    "property_type": "Warehouse",
    "unit_identifier": "Suite 1202"
  },
  "lease_term": {
    "start_date": "2023-07-25",
    "term_duration_months": 120,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 24,
        "notice_period_days": 365,
        "rent_escalation_method": "Market Rate"
      }
    ],
    "end_date": "2033-07-24"
  },
  "financial_terms": {
    "base_rent_initial": 77382.21,
    "rent_frequency": "annually",
    "escalation_schedule": [
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2024-07-24",
        "increase_value": 1.39,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2025-07-24",
        "increase_value": 7.74,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2026-07-24",
        "increase_value": 6.45,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Pro-rata share (11%)",
        "estimated_annual_cost": 7434.79
      },
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 7327.57
      },
      {
        "component_name": "Management Fee",
        "payment_structure": "Pro-rata share (13%)"
      },
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 1446.18
      }
    ],
    "security_deposit_amount": 77382.21
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Structural repairs to building exterior and roof",
      "HVAC system maintenance and replacement",
      "Parking lot maintenance"
    ],
    "lessee_responsibilities": [
      "Pest control within the unit",
      "All utility payments for the premises",
      "Interior non-structural maintenance"
    ]
  },
  "use_restrictions": [
    "No structural alterations without Lessor approval.",
    "Premises to be used solely for general office purposes."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": false,
    "sublease_assignment_terms": "Strictly prohibited under all circumstances.",
    "dispute_resolution_method": "Mediation followed by litigation in the State of Alaska"
  }
}