<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-CONFERENCE-2022-723

This serves as a summary of the commercial lease executed on 2022-11-16 between the Lessor, Hernandez Ltd, and Lessee, Chen, Hill and Ayers. The subject of this agreement is the Retail property at 74353 Kayla Land, Suite 701, South Dale, Utah 76547, comprising approximately 8,498 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 2022-11-23 and concluding on 2028-11-22. The tenant holds 2 option(s) to renew, with the first being for a 60-month extension. To exercise this, a notice period of 365 days is required, with rent adjustment based on Market Rate.

Financial obligations begin with an initial base rent of $75,138.50, payable on a annually basis. A security deposit of $75,138.50 has been secured. The lease includes a structured rent escalation schedule, with the first increase of 7.2% taking effect on 2023-11-23. Additional rents include Common Area Utilities (Fixed annual contribution), Insurance (Pass-through).

Regarding property maintenance, the Lessor is responsible for: Common area maintenance (CAM); Parking lot maintenance; HVAC system maintenance and replacement. 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: Premises to be used solely for general office purposes. No hazardous materials permitted on the premises without prior written consent.

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 Oklahoma. Please review this abstract against your portfolio records and advise of any discrepancies.</data>
{
  "agreement_id": "LEASE-CONFERENCE-2022-723",
  "document_date": "2022-11-16",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Hernandez Ltd",
      "contact_person": "Andrew Brown"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Chen, Hill and Ayers"
    }
  ],
  "property_details": {
    "property_address": "74353 Kayla Land, Suite 701, South Dale, Utah 76547",
    "square_footage": 8498,
    "property_type": "Retail",
    "unit_identifier": "Suite 701"
  },
  "lease_term": {
    "start_date": "2022-11-23",
    "term_duration_months": 72,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 60,
        "notice_period_days": 365,
        "rent_escalation_method": "Market Rate"
      },
      {
        "option_number": 2,
        "renewal_period_months": 24,
        "notice_period_days": 180,
        "rent_escalation_method": "Market Rate"
      }
    ],
    "end_date": "2028-11-22"
  },
  "financial_terms": {
    "base_rent_initial": 75138.5,
    "rent_frequency": "annually",
    "escalation_schedule": [
      {
        "escalation_type": "CPI-U Adjustment",
        "effective_date": "2023-11-23",
        "increase_value": 7.2,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Step-Up",
        "effective_date": "2024-11-22",
        "increase_value": 2.63,
        "increase_unit": "dollar_per_sqft"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Fixed annual contribution"
      },
      {
        "component_name": "Insurance",
        "payment_structure": "Pass-through"
      }
    ],
    "security_deposit_amount": 75138.5
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Common area maintenance (CAM)",
      "Parking lot maintenance",
      "HVAC system maintenance and replacement"
    ],
    "lessee_responsibilities": [
      "Pest control within the unit",
      "All utility payments for the premises"
    ]
  },
  "use_restrictions": [
    "Premises to be used solely for general office purposes.",
    "No hazardous materials permitted on the premises without prior written consent."
  ],
  "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 Oklahoma"
  }
}