<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-RACE-2023-627

This serves as a summary of the commercial lease executed on 2023-05-13 between the Lessor, George and Sons, and Lessee, Sandoval-Mckinney. The subject of this agreement is the Retail property at 0945 Nicholas Fall Suite 255, Suite 254, Claystad, Washington 98099, comprising approximately 19,382 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 2023-06-12 and concluding on 2033-06-11. The tenant holds 1 option(s) to renew, with the first being for a 60-month extension. To exercise this, a notice period of 365 days is required, with rent adjustment based on Market Rate.

Financial obligations begin with an initial base rent of $7,213.55, payable on a monthly basis. The lease includes a structured rent escalation schedule, with the first increase of 8.49% taking effect on 2024-06-11. Additional rents include Real Estate Taxes (Pro-rata share (8%)), Operating Expenses (CAM) (Pro-rata share (2%)), Operating Expenses (CAM) (Pass-through), Common Area Utilities (Pro-rata share (8%)).

Regarding property maintenance, the Lessor is responsible for: Parking lot maintenance; Landscaping and snow removal; Common area maintenance (CAM). The Lessee's duties include: All utility payments for the premises; Janitorial services within leased premises; Minor repairs to plumbing and electrical; Pest control within the unit. Use of the premises is specifically limited. Key restrictions include: Signage must be approved by Lessor. 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 notably absent in the agreement.  Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-RACE-2023-627",
  "document_date": "2023-05-13",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "George and Sons",
      "entity_address": "982 Lori Junctions\nSouth Angelashire, MD 25099",
      "contact_person": "Robert Hatfield"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Sandoval-Mckinney",
      "entity_address": "95171 Shannon Stravenue\nJosephton, FL 92272"
    }
  ],
  "property_details": {
    "property_address": "0945 Nicholas Fall Suite 255, Suite 254, Claystad, Washington 98099",
    "square_footage": 19382,
    "property_type": "Retail",
    "unit_identifier": "Suite 254"
  },
  "lease_term": {
    "start_date": "2023-06-12",
    "term_duration_months": 120,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 60,
        "notice_period_days": 365,
        "rent_escalation_method": "Market Rate"
      }
    ],
    "end_date": "2033-06-11"
  },
  "financial_terms": {
    "base_rent_initial": 7213.55,
    "rent_frequency": "monthly",
    "escalation_schedule": [
      {
        "escalation_type": "Step-Up",
        "effective_date": "2024-06-11",
        "increase_value": 8.49,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2025-06-11",
        "increase_value": 6.32,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Pro-rata share (8%)",
        "estimated_annual_cost": 3243.44
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pro-rata share (2%)",
        "estimated_annual_cost": 9029.32
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 7764.27
      },
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pro-rata share (8%)",
        "estimated_annual_cost": 4651.6
      }
    ]
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Parking lot maintenance",
      "Landscaping and snow removal",
      "Common area maintenance (CAM)"
    ],
    "lessee_responsibilities": [
      "All utility payments for the premises",
      "Janitorial services within leased premises",
      "Minor repairs to plumbing and electrical",
      "Pest control within the unit"
    ]
  },
  "use_restrictions": [
    "Signage must be approved by Lessor.",
    "No hazardous materials permitted on the premises without prior written consent."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": false,
    "sublease_assignment_terms": "Permitted, subject to Lessor's right of first refusal and a profit-sharing clause."
  }
}