<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-BETTER-2022-243

This serves as a summary of the commercial lease executed on 2022-11-27 between the Lessor, Lopez PLC, and Lessee, King Ltd. The subject of this agreement is the Industrial property at 531 Bradley Flats, Suite 2113, East Katherine, South Dakota 46544, comprising approximately 23,219 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 72 months, commencing on 2023-03-07 and concluding on 2029-03-06. The tenant holds 1 option(s) to renew, with the first being for a 24-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 $66,410.75, payable on a monthly basis. The lease includes a structured rent escalation schedule, with the first increase of 1.45 $/sf taking effect on 2024-03-06. Additional rents include Insurance (Fixed annual contribution), Management Fee (Fixed annual contribution), Real Estate Taxes (Fixed annual contribution), Management Fee (Pro-rata share (12%)).

Regarding property maintenance, the Lessor is responsible for: Parking lot maintenance; Landscaping and snow removal. The Lessee's duties include: Janitorial services within leased premises; Minor repairs to plumbing and electrical; Interior non-structural maintenance; All utility payments for the premises. Use of the premises is specifically limited. Key restrictions include: Business operations restricted to 8:00 AM to 10:00 PM. No hazardous materials permitted on the premises without prior written consent.

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.  Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-BETTER-2022-243",
  "document_date": "2022-11-27",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Lopez PLC",
      "contact_person": "Linda Hughes"
    },
    {
      "party_type": "Lessee",
      "entity_name": "King Ltd",
      "entity_address": "587 Young Springs\nPittsmouth, MS 76099"
    }
  ],
  "property_details": {
    "property_address": "531 Bradley Flats, Suite 2113, East Katherine, South Dakota 46544",
    "square_footage": 23219,
    "property_type": "Industrial",
    "unit_identifier": "Suite 2113"
  },
  "lease_term": {
    "start_date": "2023-03-07",
    "term_duration_months": 72,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 24,
        "notice_period_days": 180,
        "rent_escalation_method": "Fixed Percentage"
      }
    ],
    "end_date": "2029-03-06"
  },
  "financial_terms": {
    "base_rent_initial": 66410.75,
    "rent_frequency": "monthly",
    "escalation_schedule": [
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2024-03-06",
        "increase_value": 1.45,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2025-03-06",
        "increase_value": 6.0,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2026-03-06",
        "increase_value": 3.04,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2027-03-06",
        "increase_value": 1.48,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Insurance",
        "payment_structure": "Fixed annual contribution"
      },
      {
        "component_name": "Management Fee",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 8273.15
      },
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 1807.13
      },
      {
        "component_name": "Management Fee",
        "payment_structure": "Pro-rata share (12%)",
        "estimated_annual_cost": 8461.62
      }
    ]
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Parking lot maintenance",
      "Landscaping and snow removal"
    ],
    "lessee_responsibilities": [
      "Janitorial services within leased premises",
      "Minor repairs to plumbing and electrical",
      "Interior non-structural maintenance",
      "All utility payments for the premises"
    ]
  },
  "use_restrictions": [
    "Business operations restricted to 8:00 AM to 10:00 PM.",
    "No hazardous materials permitted on the premises without prior written consent."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": false,
    "sublease_assignment_terms": "Permitted, subject to Lessor's right of first refusal and a profit-sharing clause."
  }
}