<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-SECOND-2023-720

This serves as a summary of the commercial lease executed on 2023-12-27 between the Lessor, Kennedy, Pierce and Pearson, and Lessee, Torres, Thomas and Peterson. The subject of this agreement is the Retail property at 8797 Vickie Creek Apt. 415, Suite 1668, North Cynthia, Indiana 31559, comprising approximately 23,493 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 84 months, commencing on 2024-05-23 and concluding on 2031-05-23. No renewal options were specified in the agreement.

Financial obligations begin with an initial base rent of $5,895.56, payable on a monthly basis. A security deposit of $5,895.56 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 7.05 $/sf taking effect on 2025-05-23. Additional rents include Operating Expenses (CAM) (Fixed annual contribution), Insurance (Pass-through), Operating Expenses (CAM) (Pass-through).

Regarding property maintenance, the Lessor is responsible for: Structural repairs to building exterior and roof; Common area maintenance (CAM). The Lessee's duties include: Interior non-structural maintenance; Pest control within the unit; Janitorial services within leased premises. Use of the premises is specifically limited. Key restrictions include: Signage must be approved by Lessor. 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: Requires prior written consent from Lessor, not to be unreasonably withheld. 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-SECOND-2023-720",
  "document_date": "2023-12-27",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Kennedy, Pierce and Pearson",
      "contact_person": "Peter Rodriguez"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Torres, Thomas and Peterson"
    }
  ],
  "property_details": {
    "property_address": "8797 Vickie Creek Apt. 415, Suite 1668, North Cynthia, Indiana 31559",
    "square_footage": 23493,
    "property_type": "Retail",
    "unit_identifier": "Suite 1668"
  },
  "lease_term": {
    "start_date": "2024-05-23",
    "term_duration_months": 84,
    "renewal_options": [],
    "end_date": "2031-05-23"
  },
  "financial_terms": {
    "base_rent_initial": 5895.56,
    "rent_frequency": "monthly",
    "escalation_schedule": [
      {
        "escalation_type": "Step-Up",
        "effective_date": "2025-05-23",
        "increase_value": 7.05,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2026-05-23",
        "increase_value": 4.32,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2027-05-23",
        "increase_value": 0.33,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2028-05-22",
        "increase_value": 0.15,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 1681.23
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 4428.54
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 6849.34
      }
    ],
    "security_deposit_amount": 5895.56
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Structural repairs to building exterior and roof",
      "Common area maintenance (CAM)"
    ],
    "lessee_responsibilities": [
      "Interior non-structural maintenance",
      "Pest control within the unit",
      "Janitorial services within leased premises"
    ]
  },
  "use_restrictions": [
    "Signage must be approved by Lessor.",
    "No structural alterations without Lessor approval.",
    "No hazardous materials permitted on the premises without prior written consent."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": false,
    "sublease_assignment_terms": "Requires prior written consent from Lessor, not to be unreasonably withheld."
  }
}