<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-PAY-2022-542

This serves as a summary of the commercial lease executed on 2022-10-08 between the Lessor, Powers PLC, and Lessee, Bird LLC. The subject of this agreement is the Office property at 5764 Mark Mountains Apt. 577, Suite 2306, Port Donfurt, Arizona 07218, comprising approximately 4,077 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 2022-10-21 and concluding on 2032-10-20. No renewal options were specified in the agreement.

Financial obligations begin with an initial base rent of $71,337.77, payable on a monthly basis. A security deposit of $142,675.54 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 3.26 $/sf taking effect on 2023-10-21. Additional rents include Insurance (Fixed annual contribution), Management Fee (Pro-rata share (10%)), Insurance (Fixed annual contribution), Real Estate Taxes (Fixed annual contribution).

Regarding property maintenance, the Lessor is responsible for: Common area maintenance (CAM); HVAC system maintenance and replacement. The Lessee's duties include: Minor repairs to plumbing and electrical; Pest control within the unit; All utility payments for the premises. Use of the premises is specifically limited. Key restrictions include: No hazardous materials permitted on the premises without prior written consent. Signage must be approved by Lessor. No structural alterations without Lessor approval.

From a legal perspective, the terms regarding subleasing or assignment are as follows: Permitted only to an affiliate entity with 30 days prior notice. 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-PAY-2022-542",
  "document_date": "2022-10-08",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Powers PLC",
      "contact_person": "Robert Odonnell"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Bird LLC"
    }
  ],
  "property_details": {
    "property_address": "5764 Mark Mountains Apt. 577, Suite 2306, Port Donfurt, Arizona 07218",
    "square_footage": 4077,
    "property_type": "Office",
    "unit_identifier": "Suite 2306"
  },
  "lease_term": {
    "start_date": "2022-10-21",
    "term_duration_months": 120,
    "renewal_options": [],
    "end_date": "2032-10-20"
  },
  "financial_terms": {
    "base_rent_initial": 71337.77,
    "rent_frequency": "monthly",
    "escalation_schedule": [
      {
        "escalation_type": "Step-Up",
        "effective_date": "2023-10-21",
        "increase_value": 3.26,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2024-10-20",
        "increase_value": 8.85,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2025-10-20",
        "increase_value": 5.82,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2026-10-20",
        "increase_value": 9.11,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Insurance",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 6330.07
      },
      {
        "component_name": "Management Fee",
        "payment_structure": "Pro-rata share (10%)"
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 2889.56
      },
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 2830.04
      }
    ],
    "security_deposit_amount": 142675.54
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Common area maintenance (CAM)",
      "HVAC system maintenance and replacement"
    ],
    "lessee_responsibilities": [
      "Minor repairs to plumbing and electrical",
      "Pest control within the unit",
      "All utility payments for the premises"
    ]
  },
  "use_restrictions": [
    "No hazardous materials permitted on the premises without prior written consent.",
    "Signage must be approved by Lessor.",
    "No structural alterations without Lessor approval."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": false,
    "sublease_assignment_terms": "Permitted only to an affiliate entity with 30 days prior notice."
  }
}