<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-BORN-2022-182

This serves as a summary of the commercial lease executed on 2022-11-01 between the Lessor, Pittman-Beck, and Lessee, Armstrong-Park. The subject of this agreement is the Office property at 5425 Parks Ports, Suite 1486, North Daniellebury, Alabama 41319, comprising approximately 6,608 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 2022-12-18 and concluding on 2027-12-18. The tenant holds 2 option(s) to renew, with the first being for a 36-month extension. To exercise this, a notice period of 180 days is required, with rent adjustment based on Fixed Percentage.

Financial obligations begin with an initial base rent of $2,360.84, payable on a monthly basis. A security deposit of $4,721.68 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 1.38 $/sf taking effect on 2023-12-18. Additional rents include Insurance (Pass-through), Insurance (Pass-through), Common Area Utilities (Pass-through).

Regarding property maintenance, the Lessor is responsible for: Landscaping and snow removal; Parking lot maintenance; Common area maintenance (CAM). The Lessee's duties include: Pest control within the unit; Janitorial services within leased premises; All utility payments for the premises. 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. 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 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 Mediation followed by litigation in the State of South Carolina. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-BORN-2022-182",
  "document_date": "2022-11-01",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Pittman-Beck",
      "entity_address": "Unit 1910 Box 9920\nDPO AE 81673",
      "contact_person": "Katrina Wilson"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Armstrong-Park",
      "entity_address": "5942 Kevin Glen\nHaileybury, AR 36357"
    }
  ],
  "property_details": {
    "property_address": "5425 Parks Ports, Suite 1486, North Daniellebury, Alabama 41319",
    "square_footage": 6608,
    "property_type": "Office",
    "unit_identifier": "Suite 1486"
  },
  "lease_term": {
    "start_date": "2022-12-18",
    "term_duration_months": 60,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 36,
        "notice_period_days": 180,
        "rent_escalation_method": "Fixed Percentage"
      },
      {
        "option_number": 2,
        "renewal_period_months": 36,
        "notice_period_days": 365,
        "rent_escalation_method": "Fixed Percentage"
      }
    ],
    "end_date": "2027-12-18"
  },
  "financial_terms": {
    "base_rent_initial": 2360.84,
    "rent_frequency": "monthly",
    "escalation_schedule": [
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2023-12-18",
        "increase_value": 1.38,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2024-12-17",
        "increase_value": 4.69,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2025-12-17",
        "increase_value": 8.59,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2026-12-17",
        "increase_value": 7.1,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Insurance",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 4161.33
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 3597.41
      },
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pass-through"
      }
    ],
    "security_deposit_amount": 4721.68
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Landscaping and snow removal",
      "Parking lot maintenance",
      "Common area maintenance (CAM)"
    ],
    "lessee_responsibilities": [
      "Pest control within the unit",
      "Janitorial services within leased premises",
      "All utility payments for the premises"
    ]
  },
  "use_restrictions": [
    "Signage must be approved by Lessor.",
    "Premises to be used solely for general office purposes.",
    "No hazardous materials permitted on the premises without prior written consent."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": true,
    "sublease_assignment_terms": "Permitted only to an affiliate entity with 30 days prior notice.",
    "dispute_resolution_method": "Mediation followed by litigation in the State of South Carolina"
  }
}