<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-UNDERSTAND-2024-805

This serves as a summary of the commercial lease executed on 2024-06-07 between the Lessor, Daugherty-Pace, and Lessee, Ashley-Mcguire. The subject of this agreement is the Industrial property at 7062 Gillespie Roads Suite 954, Suite 637, North Marcus, South Dakota 03334, comprising approximately 17,767 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 2024-09-28 and concluding on 2029-09-28. No renewal options were specified in the agreement.

Financial obligations begin with an initial base rent of $43,912.39, payable on a quarterly basis. A security deposit of $43,912.39 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 1.47 $/sf taking effect on 2025-09-28. Additional rents include Common Area Utilities (Pro-rata share (10%)), Common Area Utilities (Pro-rata share (2%)), Common Area Utilities (Pass-through), Management Fee (Pro-rata share (12%)).

Regarding property maintenance, the Lessor is responsible for: HVAC system maintenance and replacement; Parking lot maintenance. The Lessee's duties include: Minor repairs to plumbing and electrical; Interior non-structural maintenance; Pest control within the unit. Use of the premises is specifically limited. Key restrictions include: No structural alterations without Lessor approval. No hazardous materials permitted on the premises without prior written consent.

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 present in the agreement.  Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-UNDERSTAND-2024-805",
  "document_date": "2024-06-07",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Daugherty-Pace",
      "entity_address": "25444 Brittany Branch\nFreemantown, WI 73363",
      "contact_person": "Jennifer Sawyer"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Ashley-Mcguire",
      "entity_address": "USCGC Park\nFPO AE 13543"
    }
  ],
  "property_details": {
    "property_address": "7062 Gillespie Roads Suite 954, Suite 637, North Marcus, South Dakota 03334",
    "square_footage": 17767,
    "property_type": "Industrial"
  },
  "lease_term": {
    "start_date": "2024-09-28",
    "term_duration_months": 60,
    "renewal_options": [],
    "end_date": "2029-09-28"
  },
  "financial_terms": {
    "base_rent_initial": 43912.39,
    "rent_frequency": "quarterly",
    "escalation_schedule": [
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2025-09-28",
        "increase_value": 1.47,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2026-09-28",
        "increase_value": 9.79,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2027-09-28",
        "increase_value": 3.52,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2028-09-27",
        "increase_value": 2.7,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pro-rata share (10%)",
        "estimated_annual_cost": 2017.6
      },
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pro-rata share (2%)",
        "estimated_annual_cost": 6088.8
      },
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 3625.18
      },
      {
        "component_name": "Management Fee",
        "payment_structure": "Pro-rata share (12%)"
      }
    ],
    "security_deposit_amount": 43912.39
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "HVAC system maintenance and replacement",
      "Parking lot maintenance"
    ],
    "lessee_responsibilities": [
      "Minor repairs to plumbing and electrical",
      "Interior non-structural maintenance",
      "Pest control within the unit"
    ]
  },
  "use_restrictions": [
    "No structural alterations without Lessor approval.",
    "No hazardous materials permitted on the premises without prior written consent."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": true,
    "sublease_assignment_terms": "Permitted, subject to Lessor's right of first refusal and a profit-sharing clause."
  }
}