<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-FOCUS-2022-425

This serves as a summary of the commercial lease executed on 2022-09-27 between the Lessor, Griffin-Mercado, and Lessee, Herrera-Jones. The subject of this agreement is the Industrial property at 605 Smith Way, Suite 988, Walkerstad, Oklahoma 64339, comprising approximately 17,354 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 2023-02-27. No renewal options were specified in the agreement.

Financial obligations begin with an initial base rent of $1,841.73, payable on a annually basis. A security deposit of $3,683.46 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 8.71 $/sf taking effect on 2024-02-27. Additional rents include Common Area Utilities (Pass-through), Common Area Utilities (Fixed annual contribution).

Regarding property maintenance, the Lessor is responsible for: Structural repairs to building exterior and roof; Landscaping and snow removal. The Lessee's duties include: Minor repairs to plumbing and electrical; Janitorial services within leased premises; All utility payments for the premises. Use of the premises is specifically limited. Key restrictions include: 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: Strictly prohibited under all circumstances. 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 Rhode Island. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-FOCUS-2022-425",
  "document_date": "2022-09-27",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Griffin-Mercado",
      "entity_address": "78744 Craig Plains\nVaughnside, IN 54082"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Herrera-Jones"
    }
  ],
  "property_details": {
    "property_address": "605 Smith Way, Suite 988, Walkerstad, Oklahoma 64339",
    "square_footage": 17354,
    "property_type": "Industrial",
    "unit_identifier": "Suite 988"
  },
  "lease_term": {
    "start_date": "2023-02-27",
    "term_duration_months": 72,
    "renewal_options": []
  },
  "financial_terms": {
    "base_rent_initial": 1841.73,
    "rent_frequency": "annually",
    "escalation_schedule": [
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2024-02-27",
        "increase_value": 8.71,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2025-02-26",
        "increase_value": 6.08,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pass-through"
      },
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 1633.69
      }
    ],
    "security_deposit_amount": 3683.46
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Structural repairs to building exterior and roof",
      "Landscaping and snow removal"
    ],
    "lessee_responsibilities": [
      "Minor repairs to plumbing and electrical",
      "Janitorial services within leased premises",
      "All utility payments for the premises"
    ]
  },
  "use_restrictions": [
    "Signage must be approved by Lessor.",
    "No structural alterations without Lessor approval."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": true,
    "sublease_assignment_terms": "Strictly prohibited under all circumstances.",
    "dispute_resolution_method": "Mediation followed by litigation in the State of Rhode Island"
  }
}