<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-MEMORY-2024-210

This serves as a summary of the commercial lease executed on 2024-01-26 between the Lessor, Barton, Smith and Turner, and Lessee, Simmons Inc. The subject of this agreement is the Retail property at 649 Leslie Land, Suite 554, Kristinbury, Massachusetts 11661, comprising approximately 16,935 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 36 months, commencing on 2024-03-11. No renewal options were specified in the agreement.

Financial obligations begin with an initial base rent of $14,772.02, payable on a monthly basis. A security deposit of $14,772.02 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 3.51% taking effect on 2025-03-11. Additional rents include Insurance (Fixed annual contribution), Operating Expenses (CAM) (Pass-through), Operating Expenses (CAM) (Fixed annual contribution).

Regarding property maintenance, the Lessor is responsible for: Common area maintenance (CAM); Landscaping and snow removal; Structural repairs to building exterior and roof. The Lessee's duties include: Janitorial services within leased premises; Interior non-structural maintenance. Use of the premises is specifically limited. Key restrictions include: Premises to be used solely for general office purposes. 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 notably absent in the agreement. Any potential disputes are to be resolved via Binding arbitration in Garciaborough. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-MEMORY-2024-210",
  "document_date": "2024-01-26",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Barton, Smith and Turner",
      "entity_address": "03808 Nancy Drives\nNorth Elizabethbury, OR 43741",
      "contact_person": "Susan Morales"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Simmons Inc"
    }
  ],
  "property_details": {
    "property_address": "649 Leslie Land, Suite 554, Kristinbury, Massachusetts 11661",
    "square_footage": 16935,
    "property_type": "Retail"
  },
  "lease_term": {
    "start_date": "2024-03-11",
    "term_duration_months": 36,
    "renewal_options": []
  },
  "financial_terms": {
    "base_rent_initial": 14772.02,
    "rent_frequency": "monthly",
    "escalation_schedule": [
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2025-03-11",
        "increase_value": 3.51,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2026-03-11",
        "increase_value": 7.16,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2027-03-11",
        "increase_value": 7.12,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2028-03-10",
        "increase_value": 3.0,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Insurance",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 3265.11
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 4247.01
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 1314.24
      }
    ],
    "security_deposit_amount": 14772.02
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Common area maintenance (CAM)",
      "Landscaping and snow removal",
      "Structural repairs to building exterior and roof"
    ],
    "lessee_responsibilities": [
      "Janitorial services within leased premises",
      "Interior non-structural maintenance"
    ]
  },
  "use_restrictions": [
    "Premises to be used solely for general office purposes.",
    "Signage must be approved by Lessor."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": false,
    "sublease_assignment_terms": "Requires prior written consent from Lessor, not to be unreasonably withheld.",
    "dispute_resolution_method": "Binding arbitration in Garciaborough"
  }
}