<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-CAREER-2024-301

This serves as a summary of the commercial lease executed on 2024-01-20 between the Lessor, Smith PLC, and Lessee, Smith, Bates and Thomas. The subject of this agreement is the Medical Office property at 330 Howard Mission, Suite 1363, Blairland, Nebraska 68819, comprising approximately 7,988 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 36 months, commencing on 2024-02-26 and concluding on 2027-02-25. The tenant holds 2 option(s) to renew, with the first being for a 60-month extension. To exercise this, a notice period of 270 days is required, with rent adjustment based on Market Rate.

Financial obligations begin with an initial base rent of $93,737.09, payable on a annually basis. The lease includes a structured rent escalation schedule, with the first increase of 7.56% taking effect on 2025-02-25. Additional rents include Common Area Utilities (Pro-rata share (14%)), Operating Expenses (CAM) (Pro-rata share (8%)), Insurance (Pro-rata share (3%)).

Regarding property maintenance, the Lessor is responsible for: HVAC system maintenance and replacement; Landscaping and snow removal; Common area maintenance (CAM). The Lessee's duties include: Pest control within the unit; All utility payments for the premises; Interior non-structural maintenance; Minor repairs to plumbing and electrical. Use of the premises is specifically limited. Key restrictions include: Premises to be used solely for general office purposes. Business operations restricted to 8:00 AM to 10:00 PM.

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-CAREER-2024-301",
  "document_date": "2024-01-20",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Smith PLC",
      "entity_address": "67312 Gonzalez Cape\nElizabethville, LA 94103",
      "contact_person": "Alexander Boyer"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Smith, Bates and Thomas",
      "entity_address": "09649 Oconnor Station\nThomaston, PR 76730"
    }
  ],
  "property_details": {
    "property_address": "330 Howard Mission, Suite 1363, Blairland, Nebraska 68819",
    "square_footage": 7988,
    "property_type": "Medical Office",
    "unit_identifier": "Suite 1363"
  },
  "lease_term": {
    "start_date": "2024-02-26",
    "term_duration_months": 36,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 60,
        "notice_period_days": 270,
        "rent_escalation_method": "Market Rate"
      },
      {
        "option_number": 2,
        "renewal_period_months": 60,
        "notice_period_days": 365,
        "rent_escalation_method": "CPI Adjustment"
      }
    ],
    "end_date": "2027-02-25"
  },
  "financial_terms": {
    "base_rent_initial": 93737.09,
    "rent_frequency": "annually",
    "escalation_schedule": [
      {
        "escalation_type": "Step-Up",
        "effective_date": "2025-02-25",
        "increase_value": 7.56,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2026-02-25",
        "increase_value": 9.12,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2027-02-25",
        "increase_value": 5.75,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2028-02-25",
        "increase_value": 3.41,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pro-rata share (14%)",
        "estimated_annual_cost": 8332.85
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pro-rata share (8%)",
        "estimated_annual_cost": 8258.27
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Pro-rata share (3%)",
        "estimated_annual_cost": 2074.9
      }
    ]
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "HVAC system maintenance and replacement",
      "Landscaping and snow removal",
      "Common area maintenance (CAM)"
    ],
    "lessee_responsibilities": [
      "Pest control within the unit",
      "All utility payments for the premises",
      "Interior non-structural maintenance",
      "Minor repairs to plumbing and electrical"
    ]
  },
  "use_restrictions": [
    "Premises to be used solely for general office purposes.",
    "Business operations restricted to 8:00 AM to 10:00 PM."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": true,
    "sublease_assignment_terms": "Permitted, subject to Lessor's right of first refusal and a profit-sharing clause."
  }
}