<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-FOUR-2023-948

This serves as a summary of the commercial lease executed on 2023-03-18 between the Lessor, Velasquez, Brandt and Middleton, and Lessee, Barr-Reyes. The subject of this agreement is the Medical Office property at 0701 Eugene Mountain, Suite 1400, Ericberg, Utah 62823, comprising approximately 21,082 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 2023-08-31 and concluding on 2033-08-30. The tenant holds 2 option(s) to renew, with the first being for a 60-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 $23,799.55, payable on a annually basis. A security deposit of $47,599.10 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 8.25% taking effect on 2024-08-30. Additional rents include Common Area Utilities (Pro-rata share (12%)), Insurance (Pro-rata share (5%)).

Regarding property maintenance, the Lessor is responsible for: Landscaping and snow removal; Common area maintenance (CAM). The Lessee's duties include: Janitorial services within leased premises; All utility payments for the premises; Pest control within the unit. Use of the premises is specifically limited. Key restrictions include: No structural alterations without Lessor approval. 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: 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-FOUR-2023-948",
  "document_date": "2023-03-18",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Velasquez, Brandt and Middleton",
      "contact_person": "Alicia Hernandez"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Barr-Reyes"
    }
  ],
  "property_details": {
    "property_address": "0701 Eugene Mountain, Suite 1400, Ericberg, Utah 62823",
    "square_footage": 21082,
    "property_type": "Medical Office"
  },
  "lease_term": {
    "start_date": "2023-08-31",
    "term_duration_months": 120,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 60,
        "notice_period_days": 365,
        "rent_escalation_method": "CPI Adjustment"
      },
      {
        "option_number": 2,
        "renewal_period_months": 60,
        "notice_period_days": 365,
        "rent_escalation_method": "CPI Adjustment"
      }
    ],
    "end_date": "2033-08-30"
  },
  "financial_terms": {
    "base_rent_initial": 23799.55,
    "rent_frequency": "annually",
    "escalation_schedule": [
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2024-08-30",
        "increase_value": 8.25,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2025-08-30",
        "increase_value": 9.74,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2026-08-30",
        "increase_value": 2.86,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pro-rata share (12%)",
        "estimated_annual_cost": 7039.95
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Pro-rata share (5%)",
        "estimated_annual_cost": 9168.94
      }
    ],
    "security_deposit_amount": 47599.1
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Landscaping and snow removal",
      "Common area maintenance (CAM)"
    ],
    "lessee_responsibilities": [
      "Janitorial services within leased premises",
      "All utility payments for the premises",
      "Pest control within the unit"
    ]
  },
  "use_restrictions": [
    "No structural alterations without Lessor approval.",
    "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": "Requires prior written consent from Lessor, not to be unreasonably withheld."
  }
}