<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-VISIT-2024-532

This serves as a summary of the commercial lease executed on 2024-07-28 between the Lessor, Gibson Inc, and Lessee, Griffin, Morales and Berg. The subject of this agreement is the Retail property at 028 Jerry Underpass Apt. 416, Suite 1670, Williebury, Indiana 37538, comprising approximately 1,948 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 2024-07-28. The tenant holds 1 option(s) to renew, with the first being for a 36-month extension. To exercise this, a notice period of 270 days is required, with rent adjustment based on Market Rate.

Financial obligations begin with an initial base rent of $6,530.67, payable on a annually basis. A security deposit of $13,061.34 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 5.97 $/sf taking effect on 2025-07-28. Additional rents include Operating Expenses (CAM) (Fixed annual contribution), Management Fee (Fixed annual contribution).

Regarding property maintenance, the Lessor is responsible for: Landscaping and snow removal; Common area maintenance (CAM); Structural repairs to building exterior and roof. The Lessee's duties include: Minor repairs to plumbing and electrical; Janitorial services within leased premises; Pest control within the unit; All utility payments for the premises. Use of the premises is specifically limited. Key restrictions include: Business operations restricted to 8:00 AM to 10:00 PM. No hazardous materials permitted on the premises without prior written consent. No structural alterations without Lessor approval.

From a legal perspective, the terms regarding subleasing or assignment are as follows: Permitted, subject to Lessor's right of first refusal and a profit-sharing clause. A force majeure clause is notably absent 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-VISIT-2024-532",
  "document_date": "2024-07-28",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Gibson Inc",
      "entity_address": "495 Andre Turnpike\nDurhamburgh, NH 85477",
      "contact_person": "Michael Jensen"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Griffin, Morales and Berg",
      "entity_address": "56690 Moore Street\nPort Kevin, GA 35862"
    }
  ],
  "property_details": {
    "property_address": "028 Jerry Underpass Apt. 416, Suite 1670, Williebury, Indiana 37538",
    "square_footage": 1948,
    "property_type": "Retail",
    "unit_identifier": "Suite 1670"
  },
  "lease_term": {
    "start_date": "2024-07-28",
    "term_duration_months": 36,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 36,
        "notice_period_days": 270,
        "rent_escalation_method": "Market Rate"
      }
    ]
  },
  "financial_terms": {
    "base_rent_initial": 6530.67,
    "rent_frequency": "annually",
    "escalation_schedule": [
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2025-07-28",
        "increase_value": 5.97,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2026-07-28",
        "increase_value": 9.94,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2027-07-28",
        "increase_value": 1.57,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2028-07-27",
        "increase_value": 3.22,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 8142.28
      },
      {
        "component_name": "Management Fee",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 7566.92
      }
    ],
    "security_deposit_amount": 13061.34
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Landscaping and snow removal",
      "Common area maintenance (CAM)",
      "Structural repairs to building exterior and roof"
    ],
    "lessee_responsibilities": [
      "Minor repairs to plumbing and electrical",
      "Janitorial services within leased premises",
      "Pest control within the unit",
      "All utility payments for the premises"
    ]
  },
  "use_restrictions": [
    "Business operations restricted to 8:00 AM to 10:00 PM.",
    "No hazardous materials permitted on the premises without prior written consent.",
    "No structural alterations without Lessor approval."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": false,
    "sublease_assignment_terms": "Permitted, subject to Lessor's right of first refusal and a profit-sharing clause.",
    "dispute_resolution_method": "Litigation in the jurisdiction of the property location."
  }
}