<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-DAY-2023-466

This serves as a summary of the commercial lease executed on 2023-03-22 between the Lessor, Herrera-Johnson, and Lessee, Strickland, Murphy and Lopez. The subject of this agreement is the Office property at 5244 Jennifer Ferry Apt. 737, Suite 232, East Scottmouth, Michigan 92723, comprising approximately 5,386 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 2023-05-11 and concluding on 2026-05-10. The tenant holds 2 option(s) to renew, with the first being for a 24-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 $23,830.99, payable on a annually basis. The lease includes a structured rent escalation schedule, with the first increase of 2.37 $/sf taking effect on 2024-05-10. Additional rents include Management Fee (Fixed annual contribution), Insurance (Pro-rata share (10%)), Real Estate Taxes (Pass-through), Insurance (Pass-through).

Regarding property maintenance, the Lessor is responsible for: Structural repairs to building exterior and roof; Parking lot maintenance. The Lessee's duties include: Minor repairs to plumbing and electrical; Interior non-structural maintenance. Use of the premises is specifically limited. Key restrictions include: Premises to be used solely for general office purposes. 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: Requires prior written consent from Lessor, not to be unreasonably withheld. 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-DAY-2023-466",
  "document_date": "2023-03-22",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Herrera-Johnson"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Strickland, Murphy and Lopez"
    }
  ],
  "property_details": {
    "property_address": "5244 Jennifer Ferry Apt. 737, Suite 232, East Scottmouth, Michigan 92723",
    "square_footage": 5386,
    "property_type": "Office",
    "unit_identifier": "Suite 232"
  },
  "lease_term": {
    "start_date": "2023-05-11",
    "term_duration_months": 36,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 24,
        "notice_period_days": 270,
        "rent_escalation_method": "CPI Adjustment"
      },
      {
        "option_number": 2,
        "renewal_period_months": 36,
        "notice_period_days": 180,
        "rent_escalation_method": "Fixed Percentage"
      }
    ],
    "end_date": "2026-05-10"
  },
  "financial_terms": {
    "base_rent_initial": 23830.99,
    "rent_frequency": "annually",
    "escalation_schedule": [
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2024-05-10",
        "increase_value": 2.37,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2025-05-10",
        "increase_value": 7.87,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2026-05-10",
        "increase_value": 3.15,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Management Fee",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 3777.86
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Pro-rata share (10%)",
        "estimated_annual_cost": 8157.64
      },
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 4009.48
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Pass-through"
      }
    ]
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Structural repairs to building exterior and roof",
      "Parking lot maintenance"
    ],
    "lessee_responsibilities": [
      "Minor repairs to plumbing and electrical",
      "Interior non-structural maintenance"
    ]
  },
  "use_restrictions": [
    "Premises to be used solely for general office purposes.",
    "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": "Requires prior written consent from Lessor, not to be unreasonably withheld.",
    "dispute_resolution_method": "Litigation in the jurisdiction of the property location."
  }
}