<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-GROUND-2023-614

This serves as a summary of the commercial lease executed on 2023-09-24 between the Lessor, King-Valenzuela, and Lessee, Howard LLC. The subject of this agreement is the Medical Office property at 832 Sanders Street Apt. 434, Suite 447, Port Marychester, Washington 77658, comprising approximately 24,769 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 2024-02-26 and concluding on 2031-02-25. The tenant holds 2 option(s) to renew, with the first being for a 60-month extension. To exercise this, a notice period of 270 days is required, with rent adjustment based on CPI Adjustment.

Financial obligations begin with an initial base rent of $43,001.83, payable on a monthly basis. The lease includes a structured rent escalation schedule, with the first increase of 4.19 $/sf taking effect on 2025-02-25. Additional rents include Management Fee (Fixed annual contribution), Insurance (Pass-through).

Regarding property maintenance, the Lessor is responsible for: Parking lot maintenance; Landscaping and snow removal; Common area maintenance (CAM). The Lessee's duties include: Minor repairs to plumbing and electrical; All utility payments for the premises. Use of the premises is specifically limited. Key restrictions include: Signage must be approved by Lessor. No hazardous materials permitted on the premises without prior written consent.

From a legal perspective, the terms regarding subleasing or assignment are as follows: Strictly prohibited under all circumstances. 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-GROUND-2023-614",
  "document_date": "2023-09-24",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "King-Valenzuela",
      "contact_person": "Traci George"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Howard LLC",
      "entity_address": "499 Cox Corner\nWest Emily, TX 47036"
    }
  ],
  "property_details": {
    "property_address": "832 Sanders Street Apt. 434, Suite 447, Port Marychester, Washington 77658",
    "square_footage": 24769,
    "property_type": "Medical Office",
    "unit_identifier": "Suite 447"
  },
  "lease_term": {
    "start_date": "2024-02-26",
    "term_duration_months": 84,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 60,
        "notice_period_days": 270,
        "rent_escalation_method": "CPI Adjustment"
      },
      {
        "option_number": 2,
        "renewal_period_months": 36,
        "notice_period_days": 180,
        "rent_escalation_method": "Market Rate"
      }
    ],
    "end_date": "2031-02-25"
  },
  "financial_terms": {
    "base_rent_initial": 43001.83,
    "rent_frequency": "monthly",
    "escalation_schedule": [
      {
        "escalation_type": "Step-Up",
        "effective_date": "2025-02-25",
        "increase_value": 4.19,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2026-02-25",
        "increase_value": 9.85,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2027-02-25",
        "increase_value": 7.95,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2028-02-25",
        "increase_value": 9.2,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Management Fee",
        "payment_structure": "Fixed annual contribution"
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 6900.11
      }
    ]
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Parking lot maintenance",
      "Landscaping and snow removal",
      "Common area maintenance (CAM)"
    ],
    "lessee_responsibilities": [
      "Minor repairs to plumbing and electrical",
      "All utility payments for the premises"
    ]
  },
  "use_restrictions": [
    "Signage must be approved by Lessor.",
    "No hazardous materials permitted on the premises without prior written consent."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": false,
    "sublease_assignment_terms": "Strictly prohibited under all circumstances."
  }
}