<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-FOOT-2024-185

This serves as a summary of the commercial lease executed on 2024-02-13 between the Lessor, Kelley Group, and Lessee, Bruce-Webb. The subject of this agreement is the Industrial property at 50738 Ronald Street, Suite 2055, Michellehaven, South Dakota 96074, comprising approximately 14,974 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 2024-04-04 and concluding on 2034-04-04. No renewal options were specified in the agreement.

Financial obligations begin with an initial base rent of $74,425.20, payable on a annually basis. A security deposit of $74,425.20 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 3.66 $/sf taking effect on 2025-04-04. Additional rents include Insurance (Pro-rata share (8%)), Operating Expenses (CAM) (Pro-rata share (3%)), Management Fee (Pass-through), Insurance (Pro-rata share (8%)).

Regarding property maintenance, the Lessor is responsible for: HVAC system maintenance and replacement; Structural repairs to building exterior and roof. The Lessee's duties include: Janitorial services within leased premises; Minor repairs to plumbing and electrical; Interior non-structural maintenance. Use of the premises is specifically limited. Key restrictions include: Premises to be used solely for general office purposes. No structural alterations without Lessor approval.

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 notably absent in the agreement. Any potential disputes are to be resolved via Binding arbitration in Debbieburgh. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-FOOT-2024-185",
  "document_date": "2024-02-13",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Kelley Group",
      "contact_person": "Mary Kelly"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Bruce-Webb",
      "entity_address": "USNS Jones\nFPO AA 01851"
    }
  ],
  "property_details": {
    "property_address": "50738 Ronald Street, Suite 2055, Michellehaven, South Dakota 96074",
    "square_footage": 14974,
    "property_type": "Industrial"
  },
  "lease_term": {
    "start_date": "2024-04-04",
    "term_duration_months": 120,
    "renewal_options": [],
    "end_date": "2034-04-04"
  },
  "financial_terms": {
    "base_rent_initial": 74425.2,
    "rent_frequency": "annually",
    "escalation_schedule": [
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2025-04-04",
        "increase_value": 3.66,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2026-04-04",
        "increase_value": 2.65,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2027-04-04",
        "increase_value": 0.61,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2028-04-03",
        "increase_value": 5.4,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Insurance",
        "payment_structure": "Pro-rata share (8%)",
        "estimated_annual_cost": 8648.66
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pro-rata share (3%)",
        "estimated_annual_cost": 4341.12
      },
      {
        "component_name": "Management Fee",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 5247.79
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Pro-rata share (8%)",
        "estimated_annual_cost": 8453.76
      }
    ],
    "security_deposit_amount": 74425.2
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "HVAC system maintenance and replacement",
      "Structural repairs to building exterior and roof"
    ],
    "lessee_responsibilities": [
      "Janitorial services within leased premises",
      "Minor repairs to plumbing and electrical",
      "Interior non-structural maintenance"
    ]
  },
  "use_restrictions": [
    "Premises to be used solely for general office purposes.",
    "No structural alterations without Lessor approval."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": false,
    "sublease_assignment_terms": "Permitted, subject to Lessor's right of first refusal and a profit-sharing clause.",
    "dispute_resolution_method": "Binding arbitration in Debbieburgh"
  }
}