<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-POPULAR-2024-796

This serves as a summary of the commercial lease executed on 2024-01-29 between the Lessor, Baker-Morris, and Lessee, Long-Hernandez. The subject of this agreement is the Warehouse property at 45584 Luis Mount Suite 784, Suite 453, East Rickstad, Delaware 81446, comprising approximately 5,409 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 2024-03-07. The tenant holds 2 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 Fixed Percentage.

Financial obligations begin with an initial base rent of $4,563.23, payable on a monthly basis. A security deposit of $9,126.46 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 3.22 $/sf taking effect on 2025-03-07. Additional rents include Operating Expenses (CAM) (Pass-through), Operating Expenses (CAM) (Pass-through).

Regarding property maintenance, the Lessor is responsible for: Structural repairs to building exterior and roof; HVAC system maintenance and replacement. The Lessee's duties include: Minor repairs to plumbing and electrical; Pest control within the unit. Use of the premises is specifically limited. Key restrictions include: Premises to be used solely for general office purposes. No hazardous materials permitted on the premises without prior written consent. 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 only to an affiliate entity with 30 days prior notice. A force majeure clause is present in the agreement.  Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-POPULAR-2024-796",
  "document_date": "2024-01-29",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Baker-Morris",
      "entity_address": "967 Jessica Lights Apt. 055\nWeberberg, MO 81751"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Long-Hernandez"
    }
  ],
  "property_details": {
    "property_address": "45584 Luis Mount Suite 784, Suite 453, East Rickstad, Delaware 81446",
    "square_footage": 5409,
    "property_type": "Warehouse",
    "unit_identifier": "Suite 453"
  },
  "lease_term": {
    "start_date": "2024-03-07",
    "term_duration_months": 60,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 24,
        "notice_period_days": 180,
        "rent_escalation_method": "Fixed Percentage"
      },
      {
        "option_number": 2,
        "renewal_period_months": 36,
        "notice_period_days": 180,
        "rent_escalation_method": "CPI Adjustment"
      }
    ]
  },
  "financial_terms": {
    "base_rent_initial": 4563.23,
    "rent_frequency": "monthly",
    "escalation_schedule": [
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2025-03-07",
        "increase_value": 3.22,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2026-03-07",
        "increase_value": 4.56,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 3687.65
      },
      {
        "component_name": "Operating Expenses (CAM)",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 4475.29
      }
    ],
    "security_deposit_amount": 9126.46
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Structural repairs to building exterior and roof",
      "HVAC system maintenance and replacement"
    ],
    "lessee_responsibilities": [
      "Minor repairs to plumbing and electrical",
      "Pest control within the unit"
    ]
  },
  "use_restrictions": [
    "Premises to be used solely for general office purposes.",
    "No hazardous materials permitted on the premises without prior written consent.",
    "Business operations restricted to 8:00 AM to 10:00 PM."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": true,
    "sublease_assignment_terms": "Permitted only to an affiliate entity with 30 days prior notice."
  }
}