<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-CAUSE-2022-548

This serves as a summary of the commercial lease executed on 2022-09-23 between the Lessor, Phelps and Sons, and Lessee, Mason Ltd. The subject of this agreement is the Industrial property at 291 Debra Parkways, Suite 341, Johnton, South Dakota 46021, comprising approximately 15,878 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 2022-11-24 and concluding on 2029-11-23. The tenant holds 1 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 $61,769.60, payable on a quarterly basis. A security deposit of $61,769.60 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 2.97 $/sf taking effect on 2023-11-24. Additional rents include Operating Expenses (CAM) (Pro-rata share (3%)), Insurance (Fixed annual contribution), Operating Expenses (CAM) (Fixed annual contribution).

Regarding property maintenance, the Lessor is responsible for: Structural repairs to building exterior and roof; Landscaping and snow removal. The Lessee's duties include: All utility payments for the premises; Interior non-structural maintenance. Use of the premises is specifically limited. Key restrictions include: Premises to be used solely for general office purposes. No hazardous materials permitted on the premises without prior written consent. Signage must be approved by Lessor.

From a legal perspective, the terms regarding subleasing or assignment are as follows: Strictly prohibited under all circumstances. A force majeure clause is present in the agreement. Any potential disputes are to be resolved via Mediation followed by litigation in the State of Idaho. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-CAUSE-2022-548",
  "document_date": "2022-09-23",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Phelps and Sons",
      "entity_address": "38157 Emily Parks Apt. 728\nLake Edgar, NY 84684",
      "contact_person": "Joseph Riley"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Mason Ltd",
      "entity_address": "PSC 8656, Box 6720\nAPO AE 79353"
    }
  ],
  "property_details": {
    "property_address": "291 Debra Parkways, Suite 341, Johnton, South Dakota 46021",
    "square_footage": 15878,
    "property_type": "Industrial"
  },
  "lease_term": {
    "start_date": "2022-11-24",
    "term_duration_months": 84,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 60,
        "notice_period_days": 270,
        "rent_escalation_method": "CPI Adjustment"
      }
    ],
    "end_date": "2029-11-23"
  },
  "financial_terms": {
    "base_rent_initial": 61769.6,
    "rent_frequency": "quarterly",
    "escalation_schedule": [
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2023-11-24",
        "increase_value": 2.97,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2024-11-23",
        "increase_value": 8.5,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pro-rata share (3%)"
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 5340.77
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Fixed annual contribution"
      }
    ],
    "security_deposit_amount": 61769.6
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Structural repairs to building exterior and roof",
      "Landscaping and snow removal"
    ],
    "lessee_responsibilities": [
      "All utility payments for the premises",
      "Interior non-structural maintenance"
    ]
  },
  "use_restrictions": [
    "Premises to be used solely for general office purposes.",
    "No hazardous materials permitted on the premises without prior written consent.",
    "Signage must be approved by Lessor."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": true,
    "sublease_assignment_terms": "Strictly prohibited under all circumstances.",
    "dispute_resolution_method": "Mediation followed by litigation in the State of Idaho"
  }
}