<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-PREPARE-2023-456

This serves as a summary of the commercial lease executed on 2023-09-11 between the Lessor, Price, Pratt and Walker, and Lessee, Taylor Inc. The subject of this agreement is the Office property at 194 Michael Fort, Suite 1956, Elizabethborough, Tennessee 08165, comprising approximately 19,419 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 2023-11-19. The tenant holds 2 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 CPI Adjustment.

Financial obligations begin with an initial base rent of $3,324.27, payable on a quarterly basis. A security deposit of $3,324.27 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 8.84 $/sf taking effect on 2024-11-18. Additional rents include Operating Expenses (CAM) (Pro-rata share (12%)), Insurance (Pro-rata share (2%)), Common Area Utilities (Fixed annual contribution), Operating Expenses (CAM) (Fixed annual contribution).

Regarding property maintenance, the Lessor is responsible for: Structural repairs to building exterior and roof; HVAC system maintenance and replacement. The Lessee's duties include: Pest control within the unit; Janitorial services within leased premises; All utility payments for the premises; Minor repairs to plumbing and electrical. Use of the premises is specifically limited. Key restrictions include: Business operations restricted to 8:00 AM to 10:00 PM. 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: Requires prior written consent from Lessor, not to be unreasonably withheld. A force majeure clause is present in the agreement. Any potential disputes are to be resolved via Mediation followed by litigation in the State of North Carolina. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-PREPARE-2023-456",
  "document_date": "2023-09-11",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Price, Pratt and Walker",
      "entity_address": "83187 King Motorway\nLake Jasmineberg, WI 25240",
      "contact_person": "Heidi Gonzalez"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Taylor Inc"
    }
  ],
  "property_details": {
    "property_address": "194 Michael Fort, Suite 1956, Elizabethborough, Tennessee 08165",
    "square_footage": 19419,
    "property_type": "Office",
    "unit_identifier": "Suite 1956"
  },
  "lease_term": {
    "start_date": "2023-11-19",
    "term_duration_months": 72,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 24,
        "notice_period_days": 365,
        "rent_escalation_method": "CPI Adjustment"
      },
      {
        "option_number": 2,
        "renewal_period_months": 36,
        "notice_period_days": 365,
        "rent_escalation_method": "Market Rate"
      }
    ]
  },
  "financial_terms": {
    "base_rent_initial": 3324.27,
    "rent_frequency": "quarterly",
    "escalation_schedule": [
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2024-11-18",
        "increase_value": 8.84,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2025-11-18",
        "increase_value": 3.82,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2026-11-18",
        "increase_value": 1.19,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pro-rata share (12%)",
        "estimated_annual_cost": 3143.48
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Pro-rata share (2%)"
      },
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Fixed annual contribution"
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 6232.63
      }
    ],
    "security_deposit_amount": 3324.27
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Structural repairs to building exterior and roof",
      "HVAC system maintenance and replacement"
    ],
    "lessee_responsibilities": [
      "Pest control within the unit",
      "Janitorial services within leased premises",
      "All utility payments for the premises",
      "Minor repairs to plumbing and electrical"
    ]
  },
  "use_restrictions": [
    "Business operations restricted to 8:00 AM to 10:00 PM.",
    "No structural alterations without Lessor approval.",
    "Signage must be approved by Lessor."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": true,
    "sublease_assignment_terms": "Requires prior written consent from Lessor, not to be unreasonably withheld.",
    "dispute_resolution_method": "Mediation followed by litigation in the State of North Carolina"
  }
}