<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-DISCOVER-2022-432

This serves as a summary of the commercial lease executed on 2022-09-03 between the Lessor, Horton, Hines and Villarreal, and Lessee, Rasmussen, Little and Massey. The subject of this agreement is the Industrial property at 22712 Sarah Glens, Suite 586, West Bettyberg, New Mexico 56833, comprising approximately 20,979 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 36 months, commencing on 2022-11-28 and concluding on 2025-11-27. The tenant holds 1 option(s) to renew, with the first being for a 60-month extension. To exercise this, a notice period of 180 days is required, with rent adjustment based on CPI Adjustment.

Financial obligations begin with an initial base rent of $7,675.97, payable on a annually basis. A security deposit of $7,675.97 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 8.61 $/sf taking effect on 2023-11-28. Additional rents include Management Fee (Pro-rata share (10%)), Real Estate Taxes (Pass-through), Management Fee (Pass-through), Operating Expenses (CAM) (Pro-rata share (15%)).

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

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 East Troyhaven. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-DISCOVER-2022-432",
  "document_date": "2022-09-03",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Horton, Hines and Villarreal",
      "entity_address": "2504 Duncan Harbor Apt. 751\nKellychester, MH 14550"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Rasmussen, Little and Massey",
      "entity_address": "88243 Williams Throughway Apt. 567\nWest Amber, ME 57380"
    }
  ],
  "property_details": {
    "property_address": "22712 Sarah Glens, Suite 586, West Bettyberg, New Mexico 56833",
    "square_footage": 20979,
    "property_type": "Industrial",
    "unit_identifier": "Suite 586"
  },
  "lease_term": {
    "start_date": "2022-11-28",
    "term_duration_months": 36,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 60,
        "notice_period_days": 180,
        "rent_escalation_method": "CPI Adjustment"
      }
    ],
    "end_date": "2025-11-27"
  },
  "financial_terms": {
    "base_rent_initial": 7675.97,
    "rent_frequency": "annually",
    "escalation_schedule": [
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2023-11-28",
        "increase_value": 8.61,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2024-11-27",
        "increase_value": 9.44,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Management Fee",
        "payment_structure": "Pro-rata share (10%)",
        "estimated_annual_cost": 4070.18
      },
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 2741.48
      },
      {
        "component_name": "Management Fee",
        "payment_structure": "Pass-through"
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pro-rata share (15%)"
      }
    ],
    "security_deposit_amount": 7675.97
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Structural repairs to building exterior and roof",
      "Common area maintenance (CAM)"
    ],
    "lessee_responsibilities": [
      "Pest control within the unit",
      "All utility payments for the premises"
    ]
  },
  "use_restrictions": [
    "No structural alterations without Lessor approval.",
    "Signage must be approved by Lessor.",
    "Business operations restricted to 8:00 AM to 10:00 PM."
  ],
  "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 East Troyhaven"
  }
}