<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-CHOICE-2023-528

This serves as a summary of the commercial lease executed on 2023-09-14 between the Lessor, Serrano Ltd, and Lessee, Perry-Davidson. The subject of this agreement is the Warehouse property at 698 Jo Islands Apt. 043, Suite 1830, Kemphaven, Alabama 73897, comprising approximately 1,752 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 120 months, commencing on 2023-12-20. The tenant holds 2 option(s) to renew, with the first being for a 36-month extension. To exercise this, a notice period of 270 days is required, with rent adjustment based on CPI Adjustment.

Financial obligations begin with an initial base rent of $4,664.82, payable on a quarterly basis. A security deposit of $4,664.82 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 3.56 $/sf taking effect on 2024-12-19. Additional rents include Management Fee (Fixed annual contribution), Common Area Utilities (Pro-rata share (8%)), Insurance (Pro-rata share (6%)).

Regarding property maintenance, the Lessor is responsible for: Parking lot maintenance; Structural repairs to building exterior and roof; Landscaping and snow removal. The Lessee's duties include: Interior non-structural maintenance; Pest control within the unit. Use of the premises is specifically limited. Key restrictions include: No hazardous materials permitted on the premises without prior written consent. No structural alterations without Lessor approval. 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. Any potential disputes are to be resolved via Mediation followed by litigation in the State of Louisiana. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-CHOICE-2023-528",
  "document_date": "2023-09-14",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Serrano Ltd",
      "entity_address": "3159 Jason Mount\nNew Bradleymouth, DC 73939",
      "contact_person": "Tiffany Lopez"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Perry-Davidson"
    }
  ],
  "property_details": {
    "property_address": "698 Jo Islands Apt. 043, Suite 1830, Kemphaven, Alabama 73897",
    "square_footage": 1752,
    "property_type": "Warehouse",
    "unit_identifier": "Suite 1830"
  },
  "lease_term": {
    "start_date": "2023-12-20",
    "term_duration_months": 120,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 36,
        "notice_period_days": 270,
        "rent_escalation_method": "CPI Adjustment"
      },
      {
        "option_number": 2,
        "renewal_period_months": 60,
        "notice_period_days": 365,
        "rent_escalation_method": "Market Rate"
      }
    ]
  },
  "financial_terms": {
    "base_rent_initial": 4664.82,
    "rent_frequency": "quarterly",
    "escalation_schedule": [
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2024-12-19",
        "increase_value": 3.56,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2025-12-19",
        "increase_value": 3.71,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2026-12-19",
        "increase_value": 8.46,
        "increase_unit": "dollar_per_sqft"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2027-12-19",
        "increase_value": 0.6,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Management Fee",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 9648.32
      },
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pro-rata share (8%)",
        "estimated_annual_cost": 6069.17
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Pro-rata share (6%)"
      }
    ],
    "security_deposit_amount": 4664.82
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Parking lot maintenance",
      "Structural repairs to building exterior and roof",
      "Landscaping and snow removal"
    ],
    "lessee_responsibilities": [
      "Interior non-structural maintenance",
      "Pest control within the unit"
    ]
  },
  "use_restrictions": [
    "No hazardous materials permitted on the premises without prior written consent.",
    "No structural alterations without Lessor approval.",
    "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.",
    "dispute_resolution_method": "Mediation followed by litigation in the State of Louisiana"
  }
}