<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-QUITE-2024-956

This serves as a summary of the commercial lease executed on 2024-06-29 between the Lessor, Burnett and Sons, and Lessee, Tate, Riley and Dunn. The subject of this agreement is the Retail property at 38528 Tonya Well, Suite 372, West Amandaland, Rhode Island 88143, comprising approximately 4,688 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 72 months, commencing on 2024-11-13. 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 $2,997.71, payable on a annually basis. A security deposit of $2,997.71 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 2.53% taking effect on 2025-11-13. Additional rents include Management Fee (Pro-rata share (10%)), Common Area Utilities (Pro-rata share (6%)).

Regarding property maintenance, the Lessor is responsible for: Landscaping and snow removal; Common area maintenance (CAM); HVAC system maintenance and replacement. The Lessee's duties include: All utility payments for the premises; Minor repairs to plumbing and electrical. 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: Permitted only to an affiliate entity with 30 days prior notice. A force majeure clause is present in the agreement. Any potential disputes are to be resolved via Litigation in the jurisdiction of the property location.. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-QUITE-2024-956",
  "document_date": "2024-06-29",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Burnett and Sons",
      "contact_person": "Sara Goodman"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Tate, Riley and Dunn",
      "entity_address": "3635 Nicole Summit\nRobinsonside, CA 19304"
    }
  ],
  "property_details": {
    "property_address": "38528 Tonya Well, Suite 372, West Amandaland, Rhode Island 88143",
    "square_footage": 4688,
    "property_type": "Retail"
  },
  "lease_term": {
    "start_date": "2024-11-13",
    "term_duration_months": 72,
    "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": 365,
        "rent_escalation_method": "CPI Adjustment"
      }
    ]
  },
  "financial_terms": {
    "base_rent_initial": 2997.71,
    "rent_frequency": "annually",
    "escalation_schedule": [
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2025-11-13",
        "increase_value": 2.53,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2026-11-13",
        "increase_value": 7.03,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2027-11-13",
        "increase_value": 5.26,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2028-11-12",
        "increase_value": 1.17,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Management Fee",
        "payment_structure": "Pro-rata share (10%)"
      },
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pro-rata share (6%)"
      }
    ],
    "security_deposit_amount": 2997.71
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Landscaping and snow removal",
      "Common area maintenance (CAM)",
      "HVAC system maintenance and replacement"
    ],
    "lessee_responsibilities": [
      "All utility payments for the premises",
      "Minor repairs to plumbing and electrical"
    ]
  },
  "use_restrictions": [
    "Premises to be used solely for general office purposes.",
    "Signage must be approved by Lessor."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": true,
    "sublease_assignment_terms": "Permitted only to an affiliate entity with 30 days prior notice.",
    "dispute_resolution_method": "Litigation in the jurisdiction of the property location."
  }
}