<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-WITH-2024-620

This serves as a summary of the commercial lease executed on 2024-03-15 between the Lessor, Ray Group, and Lessee, Bailey, Hernandez and Cowan. The subject of this agreement is the Medical Office property at 037 Elizabeth Groves Suite 784, Suite 1792, Davisville, West Virginia 27169, comprising approximately 15,178 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 2024-08-03 and concluding on 2029-08-03. No renewal options were specified in the agreement.

Financial obligations begin with an initial base rent of $84,017.10, payable on a quarterly basis. A security deposit of $84,017.10 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 3.3% taking effect on 2025-08-03. Additional rents include Insurance (Fixed annual contribution), Operating Expenses (CAM) (Fixed annual contribution), Real Estate Taxes (Pass-through).

Regarding property maintenance, the Lessor is responsible for: HVAC system maintenance and replacement; Common area maintenance (CAM); Structural repairs to building exterior and roof. The Lessee's duties include: Minor repairs to plumbing and electrical; All utility payments for the premises; Janitorial services within leased premises. Use of the premises is specifically limited. Key restrictions include: No hazardous materials permitted on the premises without prior written consent. Premises to be used solely for general office purposes.

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 notably absent in the agreement. Any potential disputes are to be resolved via Mediation followed by litigation in the State of Iowa. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-WITH-2024-620",
  "document_date": "2024-03-15",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Ray Group",
      "contact_person": "Mason Cortez"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Bailey, Hernandez and Cowan"
    }
  ],
  "property_details": {
    "property_address": "037 Elizabeth Groves Suite 784, Suite 1792, Davisville, West Virginia 27169",
    "square_footage": 15178,
    "property_type": "Medical Office",
    "unit_identifier": "Suite 1792"
  },
  "lease_term": {
    "start_date": "2024-08-03",
    "term_duration_months": 60,
    "renewal_options": [],
    "end_date": "2029-08-03"
  },
  "financial_terms": {
    "base_rent_initial": 84017.1,
    "rent_frequency": "quarterly",
    "escalation_schedule": [
      {
        "escalation_type": "Step-Up",
        "effective_date": "2025-08-03",
        "increase_value": 3.3,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2026-08-03",
        "increase_value": 7.5,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2027-08-03",
        "increase_value": 9.48,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2028-08-02",
        "increase_value": 4.38,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Insurance",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 8148.03
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 3428.71
      },
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 2751.26
      }
    ],
    "security_deposit_amount": 84017.1
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "HVAC system maintenance and replacement",
      "Common area maintenance (CAM)",
      "Structural repairs to building exterior and roof"
    ],
    "lessee_responsibilities": [
      "Minor repairs to plumbing and electrical",
      "All utility payments for the premises",
      "Janitorial services within leased premises"
    ]
  },
  "use_restrictions": [
    "No hazardous materials permitted on the premises without prior written consent.",
    "Premises to be used solely for general office purposes."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": false,
    "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 Iowa"
  }
}