<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-IMAGINE-2022-729

This serves as a summary of the commercial lease executed on 2022-09-22 between the Lessor, King PLC, and Lessee, Miller-Solis. The subject of this agreement is the Warehouse property at 40583 Armstrong Flat Suite 896, Suite 500, Lake Darren, Idaho 15055, comprising approximately 8,660 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 60 months, commencing on 2022-11-24 and concluding on 2027-11-24. The tenant holds 2 option(s) to renew, with the first being for a 36-month extension. To exercise this, a notice period of 180 days is required, with rent adjustment based on Market Rate.

Financial obligations begin with an initial base rent of $88,841.97, payable on a monthly basis. The lease includes a structured rent escalation schedule, with the first increase of 5.23 $/sf taking effect on 2023-11-24. Additional rents include Insurance (Fixed annual contribution), Insurance (Pro-rata share (14%)).

Regarding property maintenance, the Lessor is responsible for: Common area maintenance (CAM); HVAC system maintenance and replacement. The Lessee's duties include: Interior non-structural maintenance; Pest control within the unit; Janitorial services within leased premises; All utility payments for the premises. 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: Strictly prohibited under all circumstances. A force majeure clause is present in the agreement. Any potential disputes are to be resolved via Binding arbitration in Floresville. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-IMAGINE-2022-729",
  "document_date": "2022-09-22",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "King PLC",
      "entity_address": "Unit 5939 Box 9896\nDPO AP 43511",
      "contact_person": "Tara Long"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Miller-Solis"
    }
  ],
  "property_details": {
    "property_address": "40583 Armstrong Flat Suite 896, Suite 500, Lake Darren, Idaho 15055",
    "square_footage": 8660,
    "property_type": "Warehouse"
  },
  "lease_term": {
    "start_date": "2022-11-24",
    "term_duration_months": 60,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 36,
        "notice_period_days": 180,
        "rent_escalation_method": "Market Rate"
      },
      {
        "option_number": 2,
        "renewal_period_months": 60,
        "notice_period_days": 365,
        "rent_escalation_method": "Market Rate"
      }
    ],
    "end_date": "2027-11-24"
  },
  "financial_terms": {
    "base_rent_initial": 88841.97,
    "rent_frequency": "monthly",
    "escalation_schedule": [
      {
        "escalation_type": "Step-Up",
        "effective_date": "2023-11-24",
        "increase_value": 5.23,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2024-11-23",
        "increase_value": 1.05,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2025-11-23",
        "increase_value": 0.79,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Insurance",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 7604.66
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Pro-rata share (14%)"
      }
    ]
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Common area maintenance (CAM)",
      "HVAC system maintenance and replacement"
    ],
    "lessee_responsibilities": [
      "Interior non-structural maintenance",
      "Pest control within the unit",
      "Janitorial services within leased premises",
      "All utility payments for the premises"
    ]
  },
  "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": "Strictly prohibited under all circumstances.",
    "dispute_resolution_method": "Binding arbitration in Floresville"
  }
}