<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-CONGRESS-2024-598

This serves as a summary of the commercial lease executed on 2024-05-17 between the Lessor, Howell LLC, and Lessee, Watkins and Sons. The subject of this agreement is the Medical Office property at 7790 Diaz Views, Suite 1977, East Larryport, North Carolina 47601, comprising approximately 2,571 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 2024-05-19. The tenant holds 1 option(s) to renew, with the first being for a 24-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 $3,416.64, payable on a quarterly basis. A security deposit of $6,833.28 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 8.68 $/sf taking effect on 2025-05-19. Additional rents include Operating Expenses (CAM) (Fixed annual contribution), Insurance (Fixed annual contribution), Common Area Utilities (Fixed annual contribution), Insurance (Pass-through).

Regarding property maintenance, the Lessor is responsible for: Parking lot maintenance; Common area maintenance (CAM); Structural repairs to building exterior and roof. The Lessee's duties include: Interior non-structural maintenance; Janitorial services within leased premises; All utility payments for the premises. Use of the premises is specifically limited. Key restrictions include: No hazardous materials permitted on the premises without prior written consent. No structural alterations without Lessor approval.

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 present in the agreement. Any potential disputes are to be resolved via Binding arbitration in Dianaton. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-CONGRESS-2024-598",
  "document_date": "2024-05-17",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Howell LLC",
      "entity_address": "4035 Welch Plains Suite 074\nNorth Kaitlyn, NH 68235",
      "contact_person": "Jason Anderson"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Watkins and Sons"
    }
  ],
  "property_details": {
    "property_address": "7790 Diaz Views, Suite 1977, East Larryport, North Carolina 47601",
    "square_footage": 2571,
    "property_type": "Medical Office"
  },
  "lease_term": {
    "start_date": "2024-05-19",
    "term_duration_months": 60,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 24,
        "notice_period_days": 180,
        "rent_escalation_method": "Market Rate"
      }
    ]
  },
  "financial_terms": {
    "base_rent_initial": 3416.64,
    "rent_frequency": "quarterly",
    "escalation_schedule": [
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2025-05-19",
        "increase_value": 8.68,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2026-05-19",
        "increase_value": 6.13,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2027-05-19",
        "increase_value": 5.54,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2028-05-18",
        "increase_value": 6.51,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 9735.99
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 7463.78
      },
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 4060.03
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Pass-through"
      }
    ],
    "security_deposit_amount": 6833.28
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Parking lot maintenance",
      "Common area maintenance (CAM)",
      "Structural repairs to building exterior and roof"
    ],
    "lessee_responsibilities": [
      "Interior non-structural maintenance",
      "Janitorial services within leased premises",
      "All utility payments for the premises"
    ]
  },
  "use_restrictions": [
    "No hazardous materials permitted on the premises without prior written consent.",
    "No structural alterations without Lessor approval."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": true,
    "sublease_assignment_terms": "Requires prior written consent from Lessor, not to be unreasonably withheld.",
    "dispute_resolution_method": "Binding arbitration in Dianaton"
  }
}