<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-BAD-2023-284

This serves as a summary of the commercial lease executed on 2023-10-05 between the Lessor, Santiago-Sparks, and Lessee, Thomas and Sons. The subject of this agreement is the Medical Office property at 179 Murphy Hollow, Suite 208, North Frederickfurt, Iowa 45016, comprising approximately 22,779 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 2023-10-31. No renewal options were specified in the agreement.

Financial obligations begin with an initial base rent of $6,221.03, payable on a monthly basis. A security deposit of $6,221.03 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 8.83 $/sf taking effect on 2024-10-30. Additional rents include Insurance (Pro-rata share (6%)), Management Fee (Pro-rata share (8%)), Operating Expenses (CAM) (Fixed annual contribution), Operating Expenses (CAM) (Fixed annual contribution).

Regarding property maintenance, the Lessor is responsible for: Parking lot maintenance; HVAC system maintenance and replacement. The Lessee's duties include: Interior non-structural maintenance; Pest control within the unit; Minor repairs to plumbing and electrical; Janitorial services within leased 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.

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 notably absent in the agreement. Any potential disputes are to be resolved via Litigation in the jurisdiction of the property location.. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-BAD-2023-284",
  "document_date": "2023-10-05",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Santiago-Sparks",
      "entity_address": "354 Torres Court\nNew Davidhaven, HI 67712",
      "contact_person": "Marie White"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Thomas and Sons",
      "entity_address": "53516 Susan Loaf Apt. 721\nWest Heather, PA 66113"
    }
  ],
  "property_details": {
    "property_address": "179 Murphy Hollow, Suite 208, North Frederickfurt, Iowa 45016",
    "square_footage": 22779,
    "property_type": "Medical Office"
  },
  "lease_term": {
    "start_date": "2023-10-31",
    "term_duration_months": 120,
    "renewal_options": []
  },
  "financial_terms": {
    "base_rent_initial": 6221.03,
    "rent_frequency": "monthly",
    "escalation_schedule": [
      {
        "escalation_type": "Step-Up",
        "effective_date": "2024-10-30",
        "increase_value": 8.83,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2025-10-30",
        "increase_value": 7.62,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2026-10-30",
        "increase_value": 6.01,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Insurance",
        "payment_structure": "Pro-rata share (6%)",
        "estimated_annual_cost": 1556.76
      },
      {
        "component_name": "Management Fee",
        "payment_structure": "Pro-rata share (8%)",
        "estimated_annual_cost": 1313.13
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 2632.71
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 2080.27
      }
    ],
    "security_deposit_amount": 6221.03
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Parking lot maintenance",
      "HVAC system maintenance and replacement"
    ],
    "lessee_responsibilities": [
      "Interior non-structural maintenance",
      "Pest control within the unit",
      "Minor repairs to plumbing and electrical",
      "Janitorial services within leased premises"
    ]
  },
  "use_restrictions": [
    "Signage must be approved by Lessor.",
    "Premises to be used solely for general office purposes."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": false,
    "sublease_assignment_terms": "Permitted only to an affiliate entity with 30 days prior notice.",
    "dispute_resolution_method": "Litigation in the jurisdiction of the property location."
  }
}