<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-GROWTH-2024-554

This serves as a summary of the commercial lease executed on 2024-05-31 between the Lessor, Phillips Group, and Lessee, Taylor, Pennington and Johnson. The subject of this agreement is the Medical Office property at 11197 Johnny Square, Suite 311, Mccoyberg, New Jersey 36417, comprising approximately 12,616 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 2024-10-12. The tenant holds 2 option(s) to renew, with the first being for a 36-month extension. To exercise this, a notice period of 365 days is required, with rent adjustment based on Fixed Percentage.

Financial obligations begin with an initial base rent of $8,823.63, payable on a monthly basis. A security deposit of $17,647.26 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 7.46 $/sf taking effect on 2025-10-12. Additional rents include Operating Expenses (CAM) (Fixed annual contribution), Common Area Utilities (Pro-rata share (5%)).

Regarding property maintenance, the Lessor is responsible for: Common area maintenance (CAM); HVAC system maintenance and replacement. The Lessee's duties include: Interior non-structural maintenance; Janitorial services within leased premises; Pest control within the unit. Use of the premises is specifically limited. Key restrictions include: No hazardous materials permitted on the premises without prior written consent. 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: 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 Lake Robert. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-GROWTH-2024-554",
  "document_date": "2024-05-31",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Phillips Group",
      "contact_person": "Jasmine Shah"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Taylor, Pennington and Johnson"
    }
  ],
  "property_details": {
    "property_address": "11197 Johnny Square, Suite 311, Mccoyberg, New Jersey 36417",
    "square_footage": 12616,
    "property_type": "Medical Office",
    "unit_identifier": "Suite 311"
  },
  "lease_term": {
    "start_date": "2024-10-12",
    "term_duration_months": 120,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 36,
        "notice_period_days": 365,
        "rent_escalation_method": "Fixed Percentage"
      },
      {
        "option_number": 2,
        "renewal_period_months": 36,
        "notice_period_days": 180,
        "rent_escalation_method": "CPI Adjustment"
      }
    ]
  },
  "financial_terms": {
    "base_rent_initial": 8823.63,
    "rent_frequency": "monthly",
    "escalation_schedule": [
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2025-10-12",
        "increase_value": 7.46,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2026-10-12",
        "increase_value": 5.24,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Fixed annual contribution"
      },
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pro-rata share (5%)"
      }
    ],
    "security_deposit_amount": 17647.26
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Common area maintenance (CAM)",
      "HVAC system maintenance and replacement"
    ],
    "lessee_responsibilities": [
      "Interior non-structural maintenance",
      "Janitorial services within leased premises",
      "Pest control within the unit"
    ]
  },
  "use_restrictions": [
    "No hazardous materials permitted on the premises without prior written consent.",
    "No structural alterations without Lessor approval.",
    "Business operations restricted to 8:00 AM to 10:00 PM."
  ],
  "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 Lake Robert"
  }
}