<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-PROPERTY-2024-330

This serves as a summary of the commercial lease executed on 2024-02-27 between the Lessor, Austin Inc, and Lessee, Huffman Group. The subject of this agreement is the Medical Office property at 689 Eric Mills Suite 682, Suite 2107, Port Mathew, West Virginia 24326, comprising approximately 24,900 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 2024-06-30 and concluding on 2034-06-30. 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 $6,008.43, payable on a quarterly basis. A security deposit of $6,008.43 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 8.41% taking effect on 2025-06-30. Additional rents include Common Area Utilities (Pass-through), Common Area Utilities (Fixed annual contribution), Common Area Utilities (Pro-rata share (2%)), Insurance (Pro-rata share (13%)).

Regarding property maintenance, the Lessor is responsible for: Parking lot maintenance; Common area maintenance (CAM). The Lessee's duties include: Minor repairs to plumbing and electrical; All utility payments for the premises; Interior non-structural maintenance. Use of the premises is specifically limited. Key restrictions include: No structural alterations without Lessor approval. 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: Permitted only to an affiliate entity with 30 days prior notice. 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-PROPERTY-2024-330",
  "document_date": "2024-02-27",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Austin Inc"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Huffman Group"
    }
  ],
  "property_details": {
    "property_address": "689 Eric Mills Suite 682, Suite 2107, Port Mathew, West Virginia 24326",
    "square_footage": 24900,
    "property_type": "Medical Office",
    "unit_identifier": "Suite 2107"
  },
  "lease_term": {
    "start_date": "2024-06-30",
    "term_duration_months": 120,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 36,
        "notice_period_days": 365,
        "rent_escalation_method": "CPI Adjustment"
      }
    ],
    "end_date": "2034-06-30"
  },
  "financial_terms": {
    "base_rent_initial": 6008.43,
    "rent_frequency": "quarterly",
    "escalation_schedule": [
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2025-06-30",
        "increase_value": 8.41,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2026-06-30",
        "increase_value": 9.17,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 2460.62
      },
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Fixed annual contribution"
      },
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pro-rata share (2%)"
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Pro-rata share (13%)",
        "estimated_annual_cost": 1779.98
      }
    ],
    "security_deposit_amount": 6008.43
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Parking lot maintenance",
      "Common area maintenance (CAM)"
    ],
    "lessee_responsibilities": [
      "Minor repairs to plumbing and electrical",
      "All utility payments for the premises",
      "Interior non-structural maintenance"
    ]
  },
  "use_restrictions": [
    "No structural alterations without Lessor approval.",
    "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": "Permitted only to an affiliate entity with 30 days prior notice.",
    "dispute_resolution_method": "Litigation in the jurisdiction of the property location."
  }
}