<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-AFFECT-2023-480

This serves as a summary of the commercial lease executed on 2023-12-16 between the Lessor, Huffman Ltd, and Lessee, Smith LLC. The subject of this agreement is the Medical Office property at 604 Karen Lock Apt. 023, Suite 2028, Johnshire, Oregon 47333, comprising approximately 2,277 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 2024-01-20 and concluding on 2029-01-19. 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 $7,290.00, payable on a quarterly basis. A security deposit of $7,290.00 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 7.34% taking effect on 2025-01-19. Additional rents include Operating Expenses (CAM) (Pass-through), Operating Expenses (CAM) (Pro-rata share (8%)).

Regarding property maintenance, the Lessor is responsible for: Landscaping and snow removal; Structural repairs to building exterior and roof; Common area maintenance (CAM). 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: No hazardous materials permitted on the premises without prior written consent. Signage must be approved by Lessor. No structural alterations without Lessor approval.

From a legal perspective, the terms regarding subleasing or assignment are as follows: Permitted, subject to Lessor's right of first refusal and a profit-sharing clause. A force majeure clause is notably absent in the agreement. Any potential disputes are to be resolved via Binding arbitration in West Madelinefort. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-AFFECT-2023-480",
  "document_date": "2023-12-16",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Huffman Ltd",
      "entity_address": "596 Allen Glens Suite 248\nHamiltonland, NJ 60781",
      "contact_person": "Mark Cummings"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Smith LLC",
      "entity_address": "49113 Fernandez River\nFranciscoside, TX 65238"
    }
  ],
  "property_details": {
    "property_address": "604 Karen Lock Apt. 023, Suite 2028, Johnshire, Oregon 47333",
    "square_footage": 2277,
    "property_type": "Medical Office",
    "unit_identifier": "Suite 2028"
  },
  "lease_term": {
    "start_date": "2024-01-20",
    "term_duration_months": 60,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 36,
        "notice_period_days": 365,
        "rent_escalation_method": "Fixed Percentage"
      },
      {
        "option_number": 2,
        "renewal_period_months": 60,
        "notice_period_days": 365,
        "rent_escalation_method": "Market Rate"
      }
    ],
    "end_date": "2029-01-19"
  },
  "financial_terms": {
    "base_rent_initial": 7290.0,
    "rent_frequency": "quarterly",
    "escalation_schedule": [
      {
        "escalation_type": "Step-Up",
        "effective_date": "2025-01-19",
        "increase_value": 7.34,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2026-01-19",
        "increase_value": 9.85,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2027-01-19",
        "increase_value": 6.84,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pass-through"
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pro-rata share (8%)"
      }
    ],
    "security_deposit_amount": 7290.0
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Landscaping and snow removal",
      "Structural repairs to building exterior and roof",
      "Common area maintenance (CAM)"
    ],
    "lessee_responsibilities": [
      "Minor repairs to plumbing and electrical",
      "Interior non-structural maintenance"
    ]
  },
  "use_restrictions": [
    "No hazardous materials permitted on the premises without prior written consent.",
    "Signage must be approved by Lessor.",
    "No structural alterations without Lessor approval."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": false,
    "sublease_assignment_terms": "Permitted, subject to Lessor's right of first refusal and a profit-sharing clause.",
    "dispute_resolution_method": "Binding arbitration in West Madelinefort"
  }
}