<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-PRODUCT-2023-854

This serves as a summary of the commercial lease executed on 2023-05-16 between the Lessor, Flores, Woods and Rodgers, and Lessee, Ellison, Powers and Jones. The subject of this agreement is the Retail property at 352 Olson Throughway Suite 302, Suite 1401, Williamsmouth, Michigan 91443, comprising approximately 6,702 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 2023-10-17 and concluding on 2028-10-16. 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 CPI Adjustment.

Financial obligations begin with an initial base rent of $3,841.37, payable on a monthly basis. The lease includes a structured rent escalation schedule, with the first increase of 8.78 $/sf taking effect on 2024-10-16. Additional rents include Insurance (Pro-rata share (7%)), Real Estate Taxes (Pro-rata share (12%)), Real Estate Taxes (Fixed annual contribution), Management Fee (Pro-rata share (15%)).

Regarding property maintenance, the Lessor is responsible for: Common area maintenance (CAM); Landscaping and snow removal. The Lessee's duties include: All utility payments for the premises; Minor repairs to plumbing and electrical; 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. Business operations restricted to 8:00 AM to 10:00 PM. 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 present in the agreement. Any potential disputes are to be resolved via Mediation followed by litigation in the State of Oregon. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-PRODUCT-2023-854",
  "document_date": "2023-05-16",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Flores, Woods and Rodgers",
      "contact_person": "Austin Russell"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Ellison, Powers and Jones",
      "entity_address": "1098 Tonya Extensions\nNorth Rachelfort, NC 88991"
    }
  ],
  "property_details": {
    "property_address": "352 Olson Throughway Suite 302, Suite 1401, Williamsmouth, Michigan 91443",
    "square_footage": 6702,
    "property_type": "Retail"
  },
  "lease_term": {
    "start_date": "2023-10-17",
    "term_duration_months": 60,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 36,
        "notice_period_days": 365,
        "rent_escalation_method": "CPI Adjustment"
      },
      {
        "option_number": 2,
        "renewal_period_months": 60,
        "notice_period_days": 180,
        "rent_escalation_method": "CPI Adjustment"
      }
    ],
    "end_date": "2028-10-16"
  },
  "financial_terms": {
    "base_rent_initial": 3841.37,
    "rent_frequency": "monthly",
    "escalation_schedule": [
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2024-10-16",
        "increase_value": 8.78,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2025-10-16",
        "increase_value": 4.89,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2026-10-16",
        "increase_value": 9.47,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Insurance",
        "payment_structure": "Pro-rata share (7%)"
      },
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Pro-rata share (12%)",
        "estimated_annual_cost": 2757.65
      },
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 9095.24
      },
      {
        "component_name": "Management Fee",
        "payment_structure": "Pro-rata share (15%)",
        "estimated_annual_cost": 8776.54
      }
    ]
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Common area maintenance (CAM)",
      "Landscaping and snow removal"
    ],
    "lessee_responsibilities": [
      "All utility payments for the premises",
      "Minor repairs to plumbing and electrical",
      "Janitorial services within leased premises"
    ]
  },
  "use_restrictions": [
    "No hazardous materials permitted on the premises without prior written consent.",
    "Business operations restricted to 8:00 AM to 10:00 PM.",
    "Signage must be approved by Lessor."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": true,
    "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 Oregon"
  }
}