<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-SCHOOL-2023-793

This serves as a summary of the commercial lease executed on 2023-12-27 between the Lessor, Padilla Inc, and Lessee, Flores, Leonard and Simon. The subject of this agreement is the Industrial property at 366 Mark Islands, Suite 385, North Joshuamouth, Connecticut 50320, comprising approximately 19,743 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 2024-05-31. The tenant holds 1 option(s) to renew, with the first being for a 36-month extension. To exercise this, a notice period of 180 days is required, with rent adjustment based on Fixed Percentage.

Financial obligations begin with an initial base rent of $63,915.41, payable on a annually basis. The lease includes a structured rent escalation schedule, with the first increase of 2.68 $/sf taking effect on 2025-05-31. Additional rents include Common Area Utilities (Pass-through), Operating Expenses (CAM) (Fixed annual contribution), Operating Expenses (CAM) (Pro-rata share (13%)), Management Fee (Pro-rata share (11%)).

Regarding property maintenance, the Lessor is responsible for: HVAC system maintenance and replacement; Structural repairs to building exterior and roof; Landscaping and snow removal. The Lessee's duties include: Interior non-structural maintenance; All utility payments for the premises; Minor repairs to plumbing and electrical; Janitorial services within leased premises. Use of the premises is specifically limited. Key restrictions include: No structural alterations without Lessor approval. Signage must be approved by Lessor.

From a legal perspective, the terms regarding subleasing or assignment are as follows: Permitted only to an affiliate entity with 30 days prior notice. 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-SCHOOL-2023-793",
  "document_date": "2023-12-27",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Padilla Inc",
      "entity_address": "223 Pratt Crest Suite 952\nEast Kennethville, PW 70057"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Flores, Leonard and Simon",
      "entity_address": "83643 Christopher Crossroad\nCherylville, CA 80070"
    }
  ],
  "property_details": {
    "property_address": "366 Mark Islands, Suite 385, North Joshuamouth, Connecticut 50320",
    "square_footage": 19743,
    "property_type": "Industrial",
    "unit_identifier": "Suite 385"
  },
  "lease_term": {
    "start_date": "2024-05-31",
    "term_duration_months": 120,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 36,
        "notice_period_days": 180,
        "rent_escalation_method": "Fixed Percentage"
      }
    ]
  },
  "financial_terms": {
    "base_rent_initial": 63915.41,
    "rent_frequency": "annually",
    "escalation_schedule": [
      {
        "escalation_type": "Step-Up",
        "effective_date": "2025-05-31",
        "increase_value": 2.68,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2026-05-31",
        "increase_value": 4.01,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2027-05-31",
        "increase_value": 1.76,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 2760.03
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Fixed annual contribution"
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pro-rata share (13%)",
        "estimated_annual_cost": 7226.04
      },
      {
        "component_name": "Management Fee",
        "payment_structure": "Pro-rata share (11%)"
      }
    ]
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "HVAC system maintenance and replacement",
      "Structural repairs to building exterior and roof",
      "Landscaping and snow removal"
    ],
    "lessee_responsibilities": [
      "Interior non-structural maintenance",
      "All utility payments for the premises",
      "Minor repairs to plumbing and electrical",
      "Janitorial services within leased premises"
    ]
  },
  "use_restrictions": [
    "No structural alterations without Lessor approval.",
    "Signage must be approved by Lessor."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": true,
    "sublease_assignment_terms": "Permitted only to an affiliate entity with 30 days prior notice."
  }
}