<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-MAJORITY-2022-862

This serves as a summary of the commercial lease executed on 2022-10-17 between the Lessor, Walters-Garza, and Lessee, Mcknight-Buchanan. The subject of this agreement is the Industrial property at 54195 Dennis Landing Apt. 010, Suite 1846, New Nicholasmouth, Michigan 29120, comprising approximately 3,833 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 2023-02-09 and concluding on 2033-02-08. The tenant holds 1 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 $5,464.88, payable on a monthly basis. The lease includes a structured rent escalation schedule, with the first increase of 9.7 $/sf taking effect on 2024-02-09. Additional rents include Operating Expenses (CAM) (Pass-through), Common Area Utilities (Pro-rata share (7%)).

Regarding property maintenance, the Lessor is responsible for: HVAC system maintenance and replacement; Common area maintenance (CAM); Structural repairs to building exterior and roof. The Lessee's duties include: Minor repairs to plumbing and electrical; Pest control within the unit; Interior non-structural maintenance; All utility payments for the premises. Use of the premises is specifically limited. Key restrictions include: Premises to be used solely for general office purposes. Business operations restricted to 8:00 AM to 10:00 PM.

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. Any potential disputes are to be resolved via Litigation in the jurisdiction of the property location.. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-MAJORITY-2022-862",
  "document_date": "2022-10-17",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Walters-Garza",
      "contact_person": "Jessica Sims"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Mcknight-Buchanan",
      "entity_address": "0215 Morales Way\nWest Rogerville, LA 69605"
    }
  ],
  "property_details": {
    "property_address": "54195 Dennis Landing Apt. 010, Suite 1846, New Nicholasmouth, Michigan 29120",
    "square_footage": 3833,
    "property_type": "Industrial",
    "unit_identifier": "Suite 1846"
  },
  "lease_term": {
    "start_date": "2023-02-09",
    "term_duration_months": 120,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 60,
        "notice_period_days": 365,
        "rent_escalation_method": "CPI Adjustment"
      }
    ],
    "end_date": "2033-02-08"
  },
  "financial_terms": {
    "base_rent_initial": 5464.88,
    "rent_frequency": "monthly",
    "escalation_schedule": [
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2024-02-09",
        "increase_value": 9.7,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2025-02-08",
        "increase_value": 6.91,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2026-02-08",
        "increase_value": 3.79,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pass-through"
      },
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pro-rata share (7%)"
      }
    ]
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "HVAC system maintenance and replacement",
      "Common area maintenance (CAM)",
      "Structural repairs to building exterior and roof"
    ],
    "lessee_responsibilities": [
      "Minor repairs to plumbing and electrical",
      "Pest control within the unit",
      "Interior non-structural maintenance",
      "All utility payments for the premises"
    ]
  },
  "use_restrictions": [
    "Premises to be used solely for general office purposes.",
    "Business operations restricted to 8:00 AM to 10:00 PM."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": true,
    "sublease_assignment_terms": "Requires prior written consent from Lessor, not to be unreasonably withheld.",
    "dispute_resolution_method": "Litigation in the jurisdiction of the property location."
  }
}