<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-NOTHING-2023-445

This serves as a summary of the commercial lease executed on 2023-09-01 between the Lessor, Reid, Riley and Maynard, and Lessee, Herring Ltd. The subject of this agreement is the Warehouse property at 04777 Christopher Valley Apt. 526, Suite 390, Port Melissa, Oklahoma 42770, comprising approximately 24,317 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 120 months, commencing on 2023-11-09 and concluding on 2033-11-08. 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 Fixed Percentage.

Financial obligations begin with an initial base rent of $27,282.47, payable on a annually basis. A security deposit of $54,564.94 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 3.87% taking effect on 2024-11-08. Additional rents include Management Fee (Pass-through), Insurance (Pass-through), Insurance (Fixed annual contribution).

Regarding property maintenance, the Lessor is responsible for: Parking lot maintenance; Landscaping and snow removal. The Lessee's duties include: All utility payments for the premises; Minor repairs to plumbing and electrical; Janitorial services within leased premises; Pest control within the unit. Use of the premises is specifically limited. Key restrictions include: Signage must be approved by Lessor. Business operations restricted to 8:00 AM to 10:00 PM.

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 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-NOTHING-2023-445",
  "document_date": "2023-09-01",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Reid, Riley and Maynard",
      "contact_person": "Nicole Butler"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Herring Ltd",
      "entity_address": "4580 Donald Lock Suite 709\nEast Spencer, WY 71126"
    }
  ],
  "property_details": {
    "property_address": "04777 Christopher Valley Apt. 526, Suite 390, Port Melissa, Oklahoma 42770",
    "square_footage": 24317,
    "property_type": "Warehouse",
    "unit_identifier": "Suite 390"
  },
  "lease_term": {
    "start_date": "2023-11-09",
    "term_duration_months": 120,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 36,
        "notice_period_days": 365,
        "rent_escalation_method": "Fixed Percentage"
      },
      {
        "option_number": 2,
        "renewal_period_months": 24,
        "notice_period_days": 365,
        "rent_escalation_method": "CPI Adjustment"
      }
    ],
    "end_date": "2033-11-08"
  },
  "financial_terms": {
    "base_rent_initial": 27282.47,
    "rent_frequency": "annually",
    "escalation_schedule": [
      {
        "escalation_type": "Step-Up",
        "effective_date": "2024-11-08",
        "increase_value": 3.87,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2025-11-08",
        "increase_value": 6.65,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Management Fee",
        "payment_structure": "Pass-through"
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 4254.0
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 3200.48
      }
    ],
    "security_deposit_amount": 54564.94
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Parking lot maintenance",
      "Landscaping and snow removal"
    ],
    "lessee_responsibilities": [
      "All utility payments for the premises",
      "Minor repairs to plumbing and electrical",
      "Janitorial services within leased premises",
      "Pest control within the unit"
    ]
  },
  "use_restrictions": [
    "Signage must be approved by Lessor.",
    "Business operations restricted to 8:00 AM to 10:00 PM."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": true,
    "sublease_assignment_terms": "Permitted only to an affiliate entity with 30 days prior notice.",
    "dispute_resolution_method": "Litigation in the jurisdiction of the property location."
  }
}