<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-PROFESSIONAL-2024-281

This serves as a summary of the commercial lease executed on 2024-03-05 between the Lessor, Spencer-Anthony, and Lessee, Foley-Burns. The subject of this agreement is the Warehouse property at 21701 Barrett Hollow, Suite 1671, Ramirezberg, Michigan 75186, comprising approximately 20,998 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 2024-07-30. No renewal options were specified in the agreement.

Financial obligations begin with an initial base rent of $6,676.33, payable on a monthly basis. A security deposit of $6,676.33 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 1.48 $/sf taking effect on 2025-07-30. Additional rents include Operating Expenses (CAM) (Pro-rata share (2%)), Common Area Utilities (Pass-through).

Regarding property maintenance, the Lessor is responsible for: Common area maintenance (CAM); Structural repairs to building exterior and roof; HVAC system maintenance and replacement. The Lessee's duties include: All utility payments for the premises; Janitorial services within leased premises. Use of the premises is specifically limited. Key restrictions include: Signage must be approved by Lessor. Business operations restricted to 8:00 AM to 10:00 PM.

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 Mediation followed by litigation in the State of Arkansas. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-PROFESSIONAL-2024-281",
  "document_date": "2024-03-05",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Spencer-Anthony",
      "contact_person": "Miranda Martin"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Foley-Burns"
    }
  ],
  "property_details": {
    "property_address": "21701 Barrett Hollow, Suite 1671, Ramirezberg, Michigan 75186",
    "square_footage": 20998,
    "property_type": "Warehouse"
  },
  "lease_term": {
    "start_date": "2024-07-30",
    "term_duration_months": 120,
    "renewal_options": []
  },
  "financial_terms": {
    "base_rent_initial": 6676.33,
    "rent_frequency": "monthly",
    "escalation_schedule": [
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2025-07-30",
        "increase_value": 1.48,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2026-07-30",
        "increase_value": 9.5,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2027-07-30",
        "increase_value": 1.95,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2028-07-29",
        "increase_value": 8.28,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pro-rata share (2%)"
      },
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 7713.8
      }
    ],
    "security_deposit_amount": 6676.33
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Common area maintenance (CAM)",
      "Structural repairs to building exterior and roof",
      "HVAC system maintenance and replacement"
    ],
    "lessee_responsibilities": [
      "All utility payments for the premises",
      "Janitorial services within leased premises"
    ]
  },
  "use_restrictions": [
    "Signage must be approved by Lessor.",
    "Business operations restricted to 8:00 AM to 10:00 PM."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": false,
    "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 Arkansas"
  }
}