<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-FACTOR-2023-882

This serves as a summary of the commercial lease executed on 2023-02-04 between the Lessor, Short PLC, and Lessee, Perkins, Barnes and Carlson. The subject of this agreement is the Medical Office property at 1497 Jonathan Flat, Suite 2356, North Dylanton, South Dakota 68800, comprising approximately 19,700 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 36 months, commencing on 2023-04-19 and concluding on 2026-04-18. The tenant holds 1 option(s) to renew, with the first being for a 36-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 $88,047.93, payable on a annually basis. A security deposit of $88,047.93 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 3.91 $/sf taking effect on 2024-04-18. Additional rents include Common Area Utilities (Pro-rata share (12%)), Common Area Utilities (Pro-rata share (14%)), Insurance (Fixed annual contribution).

Regarding property maintenance, the Lessor is responsible for: Landscaping and snow removal; Parking lot maintenance. The Lessee's duties include: Janitorial services within leased premises; Pest control within the unit; Interior non-structural maintenance. 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. No structural alterations without Lessor approval.

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 notably absent in the agreement.  Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-FACTOR-2023-882",
  "document_date": "2023-02-04",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Short PLC",
      "contact_person": "Aaron Wiggins"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Perkins, Barnes and Carlson",
      "entity_address": "035 Gregg Common Apt. 324\nYoungland, NY 89764"
    }
  ],
  "property_details": {
    "property_address": "1497 Jonathan Flat, Suite 2356, North Dylanton, South Dakota 68800",
    "square_footage": 19700,
    "property_type": "Medical Office"
  },
  "lease_term": {
    "start_date": "2023-04-19",
    "term_duration_months": 36,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 36,
        "notice_period_days": 365,
        "rent_escalation_method": "CPI Adjustment"
      }
    ],
    "end_date": "2026-04-18"
  },
  "financial_terms": {
    "base_rent_initial": 88047.93,
    "rent_frequency": "annually",
    "escalation_schedule": [
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2024-04-18",
        "increase_value": 3.91,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2025-04-18",
        "increase_value": 8.64,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2026-04-18",
        "increase_value": 3.85,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pro-rata share (12%)",
        "estimated_annual_cost": 9905.44
      },
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pro-rata share (14%)",
        "estimated_annual_cost": 2620.08
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Fixed annual contribution"
      }
    ],
    "security_deposit_amount": 88047.93
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Landscaping and snow removal",
      "Parking lot maintenance"
    ],
    "lessee_responsibilities": [
      "Janitorial services within leased premises",
      "Pest control within the unit",
      "Interior non-structural maintenance"
    ]
  },
  "use_restrictions": [
    "Signage must be approved by Lessor.",
    "Business operations restricted to 8:00 AM to 10:00 PM.",
    "No structural alterations without Lessor approval."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": false,
    "sublease_assignment_terms": "Requires prior written consent from Lessor, not to be unreasonably withheld."
  }
}