<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-INDUSTRY-2024-461

This serves as a summary of the commercial lease executed on 2024-03-30 between the Lessor, Ruiz LLC, and Lessee, Obrien, Owens and Higgins. The subject of this agreement is the Retail property at 63294 Reginald Track, Suite 1511, East Joshualand, Colorado 03148, comprising approximately 16,980 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 2024-07-09 and concluding on 2034-07-09. The tenant holds 1 option(s) to renew, with the first being for a 60-month extension. To exercise this, a notice period of 270 days is required, with rent adjustment based on Market Rate.

Financial obligations begin with an initial base rent of $23,839.72, payable on a quarterly basis. The lease includes a structured rent escalation schedule, with the first increase of 9.6% taking effect on 2025-07-09. Additional rents include Common Area Utilities (Fixed annual contribution), Common Area Utilities (Pro-rata share (12%)), Operating Expenses (CAM) (Pass-through), Insurance (Pro-rata share (9%)).

Regarding property maintenance, the Lessor is responsible for: Common area maintenance (CAM); Parking lot maintenance; Landscaping and snow removal. The Lessee's duties include: Interior non-structural maintenance; All utility payments for the premises; Pest control within the unit. Use of the premises is specifically limited. Key restrictions include: Signage must be approved by Lessor. Premises to be used solely for general office purposes.

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.  Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-INDUSTRY-2024-461",
  "document_date": "2024-03-30",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Ruiz LLC"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Obrien, Owens and Higgins"
    }
  ],
  "property_details": {
    "property_address": "63294 Reginald Track, Suite 1511, East Joshualand, Colorado 03148",
    "square_footage": 16980,
    "property_type": "Retail",
    "unit_identifier": "Suite 1511"
  },
  "lease_term": {
    "start_date": "2024-07-09",
    "term_duration_months": 120,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 60,
        "notice_period_days": 270,
        "rent_escalation_method": "Market Rate"
      }
    ],
    "end_date": "2034-07-09"
  },
  "financial_terms": {
    "base_rent_initial": 23839.72,
    "rent_frequency": "quarterly",
    "escalation_schedule": [
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2025-07-09",
        "increase_value": 9.6,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2026-07-09",
        "increase_value": 8.7,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2027-07-09",
        "increase_value": 9.24,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Fixed annual contribution"
      },
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pro-rata share (12%)"
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 3365.75
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Pro-rata share (9%)",
        "estimated_annual_cost": 1492.25
      }
    ]
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Common area maintenance (CAM)",
      "Parking lot maintenance",
      "Landscaping and snow removal"
    ],
    "lessee_responsibilities": [
      "Interior non-structural maintenance",
      "All utility payments for the premises",
      "Pest control within the unit"
    ]
  },
  "use_restrictions": [
    "Signage must be approved by Lessor.",
    "Premises to be used solely for general office purposes."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": true,
    "sublease_assignment_terms": "Requires prior written consent from Lessor, not to be unreasonably withheld."
  }
}