<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-TRIP-2023-375

This serves as a summary of the commercial lease executed on 2023-04-23 between the Lessor, Gibson-Young, and Lessee, Garcia-Torres. The subject of this agreement is the Office property at 3915 Keith Stravenue Suite 262, Suite 966, New Christopher, Arkansas 03652, comprising approximately 9,994 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 72 months, commencing on 2023-10-04. The tenant holds 2 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 Market Rate.

Financial obligations begin with an initial base rent of $31,557.92, payable on a monthly basis. A security deposit of $63,115.84 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 4.52% taking effect on 2024-10-03. Additional rents include Real Estate Taxes (Pro-rata share (5%)), Insurance (Pro-rata share (4%)), Management Fee (Fixed annual contribution).

Regarding property maintenance, the Lessor is responsible for: Landscaping and snow removal; Structural repairs to building exterior and roof. The Lessee's duties include: Pest control within the unit; Janitorial services within leased premises. Use of the premises is specifically limited. Key restrictions include: No hazardous materials permitted on the premises without prior written consent. 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-TRIP-2023-375",
  "document_date": "2023-04-23",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Gibson-Young",
      "contact_person": "Duane Barr"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Garcia-Torres"
    }
  ],
  "property_details": {
    "property_address": "3915 Keith Stravenue Suite 262, Suite 966, New Christopher, Arkansas 03652",
    "square_footage": 9994,
    "property_type": "Office",
    "unit_identifier": "Suite 966"
  },
  "lease_term": {
    "start_date": "2023-10-04",
    "term_duration_months": 72,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 36,
        "notice_period_days": 365,
        "rent_escalation_method": "Market Rate"
      },
      {
        "option_number": 2,
        "renewal_period_months": 60,
        "notice_period_days": 270,
        "rent_escalation_method": "CPI Adjustment"
      }
    ]
  },
  "financial_terms": {
    "base_rent_initial": 31557.92,
    "rent_frequency": "monthly",
    "escalation_schedule": [
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2024-10-03",
        "increase_value": 4.52,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2025-10-03",
        "increase_value": 3.58,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2026-10-03",
        "increase_value": 1.5,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2027-10-03",
        "increase_value": 4.64,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Pro-rata share (5%)",
        "estimated_annual_cost": 4569.3
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Pro-rata share (4%)",
        "estimated_annual_cost": 6119.54
      },
      {
        "component_name": "Management Fee",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 6373.57
      }
    ],
    "security_deposit_amount": 63115.84
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Landscaping and snow removal",
      "Structural repairs to building exterior and roof"
    ],
    "lessee_responsibilities": [
      "Pest control within the unit",
      "Janitorial services within leased premises"
    ]
  },
  "use_restrictions": [
    "No hazardous materials permitted on the premises without prior written consent.",
    "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."
  }
}