<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-PARENT-2022-856

This serves as a summary of the commercial lease executed on 2022-08-23 between the Lessor, Ferrell Ltd, and Lessee, Thompson Inc. The subject of this agreement is the Retail property at 932 Palmer Valleys, Suite 511, Brettshire, South Dakota 46541, comprising approximately 8,963 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 84 months, commencing on 2022-11-01. The tenant holds 2 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 CPI Adjustment.

Financial obligations begin with an initial base rent of $9,368.69, payable on a quarterly basis. A security deposit of $9,368.69 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 4.5% taking effect on 2023-11-01. Additional rents include Management Fee (Pass-through), Management Fee (Pro-rata share (2%)), Management Fee (Pro-rata share (8%)).

Regarding property maintenance, the Lessor is responsible for: Landscaping and snow removal; Common area maintenance (CAM). The Lessee's duties include: Interior non-structural maintenance; Janitorial services within leased premises; Minor repairs to plumbing and electrical; 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. Signage must be approved by Lessor. No hazardous materials permitted on the premises without prior written consent.

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 notably absent in the agreement. Any potential disputes are to be resolved via Binding arbitration in North Lisa. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-PARENT-2022-856",
  "document_date": "2022-08-23",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Ferrell Ltd",
      "contact_person": "Mark Harris"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Thompson Inc",
      "entity_address": "891 David Well\nLevineshire, DC 43231"
    }
  ],
  "property_details": {
    "property_address": "932 Palmer Valleys, Suite 511, Brettshire, South Dakota 46541",
    "square_footage": 8963,
    "property_type": "Retail",
    "unit_identifier": "Suite 511"
  },
  "lease_term": {
    "start_date": "2022-11-01",
    "term_duration_months": 84,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 36,
        "notice_period_days": 270,
        "rent_escalation_method": "CPI Adjustment"
      },
      {
        "option_number": 2,
        "renewal_period_months": 60,
        "notice_period_days": 270,
        "rent_escalation_method": "CPI Adjustment"
      }
    ]
  },
  "financial_terms": {
    "base_rent_initial": 9368.69,
    "rent_frequency": "quarterly",
    "escalation_schedule": [
      {
        "escalation_type": "Step-Up",
        "effective_date": "2023-11-01",
        "increase_value": 4.5,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2024-10-31",
        "increase_value": 9.39,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Management Fee",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 4195.37
      },
      {
        "component_name": "Management Fee",
        "payment_structure": "Pro-rata share (2%)"
      },
      {
        "component_name": "Management Fee",
        "payment_structure": "Pro-rata share (8%)",
        "estimated_annual_cost": 8601.71
      }
    ],
    "security_deposit_amount": 9368.69
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Landscaping and snow removal",
      "Common area maintenance (CAM)"
    ],
    "lessee_responsibilities": [
      "Interior non-structural maintenance",
      "Janitorial services within leased premises",
      "Minor repairs to plumbing and electrical",
      "All utility payments for the premises"
    ]
  },
  "use_restrictions": [
    "Business operations restricted to 8:00 AM to 10:00 PM.",
    "Signage must be approved by Lessor.",
    "No hazardous materials permitted on the premises without prior written consent."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": false,
    "sublease_assignment_terms": "Permitted only to an affiliate entity with 30 days prior notice.",
    "dispute_resolution_method": "Binding arbitration in North Lisa"
  }
}