<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-THESE-2024-122

This serves as a summary of the commercial lease executed on 2024-08-02 between the Lessor, Hernandez, Baker and Sims, and Lessee, Richardson-Bowman. The subject of this agreement is the Industrial property at 49317 Owens Ports Suite 622, Suite 619, Courtneyfort, New Mexico 98981, comprising approximately 7,295 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 2024-10-22 and concluding on 2030-10-22. The tenant holds 1 option(s) to renew, with the first being for a 60-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 $37,663.28, payable on a annually basis. A security deposit of $75,326.56 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 5.24 $/sf taking effect on 2025-10-22. Additional rents include Real Estate Taxes (Pass-through), Insurance (Pro-rata share (14%)), Operating Expenses (CAM) (Pro-rata share (6%)), Operating Expenses (CAM) (Pro-rata share (10%)).

Regarding property maintenance, the Lessor is responsible for: Structural repairs to building exterior and roof; Common area maintenance (CAM); Parking lot maintenance. The Lessee's duties include: Minor repairs to plumbing and electrical; Janitorial services within leased premises. Use of the premises is specifically limited. Key restrictions include: Business operations restricted to 8:00 AM to 10:00 PM. No structural alterations without Lessor approval. Signage must be approved by Lessor.

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 Mediation followed by litigation in the State of New York. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-THESE-2024-122",
  "document_date": "2024-08-02",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Hernandez, Baker and Sims"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Richardson-Bowman"
    }
  ],
  "property_details": {
    "property_address": "49317 Owens Ports Suite 622, Suite 619, Courtneyfort, New Mexico 98981",
    "square_footage": 7295,
    "property_type": "Industrial",
    "unit_identifier": "Suite 619"
  },
  "lease_term": {
    "start_date": "2024-10-22",
    "term_duration_months": 72,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 60,
        "notice_period_days": 270,
        "rent_escalation_method": "CPI Adjustment"
      }
    ],
    "end_date": "2030-10-22"
  },
  "financial_terms": {
    "base_rent_initial": 37663.28,
    "rent_frequency": "annually",
    "escalation_schedule": [
      {
        "escalation_type": "Step-Up",
        "effective_date": "2025-10-22",
        "increase_value": 5.24,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2026-10-22",
        "increase_value": 6.14,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2027-10-22",
        "increase_value": 7.33,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 6702.11
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Pro-rata share (14%)"
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pro-rata share (6%)"
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pro-rata share (10%)",
        "estimated_annual_cost": 4098.93
      }
    ],
    "security_deposit_amount": 75326.56
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Structural repairs to building exterior and roof",
      "Common area maintenance (CAM)",
      "Parking lot maintenance"
    ],
    "lessee_responsibilities": [
      "Minor repairs to plumbing and electrical",
      "Janitorial services within leased premises"
    ]
  },
  "use_restrictions": [
    "Business operations restricted to 8:00 AM to 10:00 PM.",
    "No structural alterations without Lessor approval.",
    "Signage must be approved by Lessor."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": true,
    "sublease_assignment_terms": "Permitted only to an affiliate entity with 30 days prior notice.",
    "dispute_resolution_method": "Mediation followed by litigation in the State of New York"
  }
}