<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-ARGUE-2023-381

This serves as a summary of the commercial lease executed on 2023-12-15 between the Lessor, Reynolds Group, and Lessee, Reese-Mckay. The subject of this agreement is the Retail property at 22003 Mills Drive Apt. 226, Suite 1212, North Melissa, Minnesota 73239, comprising approximately 19,252 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 2024-04-04 and concluding on 2029-04-04. The tenant holds 2 option(s) to renew, with the first being for a 24-month extension. To exercise this, a notice period of 270 days is required, with rent adjustment based on Market Rate.

Financial obligations begin with an initial base rent of $8,927.68, payable on a monthly basis. The lease includes a structured rent escalation schedule, with the first increase of 9.53% taking effect on 2025-04-04. Additional rents include Common Area Utilities (Pro-rata share (4%)), Real Estate Taxes (Fixed annual contribution), Operating Expenses (CAM) (Pass-through).

Regarding property maintenance, the Lessor is responsible for: Parking lot maintenance; Landscaping and snow removal. The Lessee's duties include: Minor repairs to plumbing and electrical; Pest control within the unit; All utility payments for the premises; Janitorial services within leased premises. Use of the premises is specifically limited. Key restrictions include: No hazardous materials permitted on the premises without prior written consent. Business operations restricted to 8:00 AM to 10:00 PM. Premises to be used solely for general office purposes.

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.  Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-ARGUE-2023-381",
  "document_date": "2023-12-15",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Reynolds Group",
      "contact_person": "Joan Watson"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Reese-Mckay"
    }
  ],
  "property_details": {
    "property_address": "22003 Mills Drive Apt. 226, Suite 1212, North Melissa, Minnesota 73239",
    "square_footage": 19252,
    "property_type": "Retail"
  },
  "lease_term": {
    "start_date": "2024-04-04",
    "term_duration_months": 60,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 24,
        "notice_period_days": 270,
        "rent_escalation_method": "Market Rate"
      },
      {
        "option_number": 2,
        "renewal_period_months": 60,
        "notice_period_days": 365,
        "rent_escalation_method": "Market Rate"
      }
    ],
    "end_date": "2029-04-04"
  },
  "financial_terms": {
    "base_rent_initial": 8927.68,
    "rent_frequency": "monthly",
    "escalation_schedule": [
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2025-04-04",
        "increase_value": 9.53,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2026-04-04",
        "increase_value": 2.96,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2027-04-04",
        "increase_value": 8.35,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pro-rata share (4%)"
      },
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 9091.29
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 4307.52
      }
    ]
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Parking lot maintenance",
      "Landscaping and snow removal"
    ],
    "lessee_responsibilities": [
      "Minor repairs to plumbing and electrical",
      "Pest control within the unit",
      "All utility payments for the premises",
      "Janitorial services within leased premises"
    ]
  },
  "use_restrictions": [
    "No hazardous materials permitted on the premises without prior written consent.",
    "Business operations restricted to 8:00 AM to 10:00 PM.",
    "Premises to be used solely for general office purposes."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": false,
    "sublease_assignment_terms": "Permitted, subject to Lessor's right of first refusal and a profit-sharing clause."
  }
}