<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-RECORD-2023-412

This serves as a summary of the commercial lease executed on 2023-04-02 between the Lessor, Summers, Keller and Shannon, and Lessee, Lee and Sons. The subject of this agreement is the Warehouse property at 2688 Kristina Station, Suite 989, West Jonathanstad, South Dakota 95326, comprising approximately 16,770 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 60 months, commencing on 2023-04-15 and concluding on 2028-04-14. The tenant holds 2 option(s) to renew, with the first being for a 60-month extension. To exercise this, a notice period of 180 days is required, with rent adjustment based on Market Rate.

Financial obligations begin with an initial base rent of $9,254.99, payable on a quarterly basis. A security deposit of $9,254.99 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 8.17 $/sf taking effect on 2024-04-14. Additional rents include Operating Expenses (CAM) (Pass-through), Management Fee (Pro-rata share (12%)).

Regarding property maintenance, the Lessor is responsible for: Structural repairs to building exterior and roof; Landscaping and snow removal. The Lessee's duties include: Interior non-structural maintenance; Pest control within the unit; Minor repairs to plumbing and electrical; All utility payments for the premises. Use of the premises is specifically limited. Key restrictions include: No structural alterations without Lessor approval. Business operations restricted to 8:00 AM to 10:00 PM.

From a legal perspective, the terms regarding subleasing or assignment are as follows: Strictly prohibited under all circumstances. 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-RECORD-2023-412",
  "document_date": "2023-04-02",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Summers, Keller and Shannon",
      "entity_address": "PSC 8970, Box 2021\nAPO AA 05499"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Lee and Sons",
      "entity_address": "05320 Jennifer Square Apt. 159\nRobertstad, DE 58340"
    }
  ],
  "property_details": {
    "property_address": "2688 Kristina Station, Suite 989, West Jonathanstad, South Dakota 95326",
    "square_footage": 16770,
    "property_type": "Warehouse"
  },
  "lease_term": {
    "start_date": "2023-04-15",
    "term_duration_months": 60,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 60,
        "notice_period_days": 180,
        "rent_escalation_method": "Market Rate"
      },
      {
        "option_number": 2,
        "renewal_period_months": 36,
        "notice_period_days": 270,
        "rent_escalation_method": "CPI Adjustment"
      }
    ],
    "end_date": "2028-04-14"
  },
  "financial_terms": {
    "base_rent_initial": 9254.99,
    "rent_frequency": "quarterly",
    "escalation_schedule": [
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2024-04-14",
        "increase_value": 8.17,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2025-04-14",
        "increase_value": 0.65,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2026-04-14",
        "increase_value": 7.69,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 6196.3
      },
      {
        "component_name": "Management Fee",
        "payment_structure": "Pro-rata share (12%)",
        "estimated_annual_cost": 3233.14
      }
    ],
    "security_deposit_amount": 9254.99
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Structural repairs to building exterior and roof",
      "Landscaping and snow removal"
    ],
    "lessee_responsibilities": [
      "Interior non-structural maintenance",
      "Pest control within the unit",
      "Minor repairs to plumbing and electrical",
      "All utility payments for the premises"
    ]
  },
  "use_restrictions": [
    "No structural alterations without Lessor approval.",
    "Business operations restricted to 8:00 AM to 10:00 PM."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": true,
    "sublease_assignment_terms": "Strictly prohibited under all circumstances."
  }
}