<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-HIT-2022-691

This serves as a summary of the commercial lease executed on 2022-11-14 between the Lessor, Martin Group, and Lessee, Strickland and Sons. The subject of this agreement is the Industrial property at 22161 Ryan Flat Suite 654, Suite 2026, West Josephtown, West Virginia 72458, comprising approximately 7,798 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 2022-11-22 and concluding on 2032-11-21. The tenant holds 2 option(s) to renew, with the first being for a 60-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 $7,743.21, payable on a quarterly basis. The lease includes a structured rent escalation schedule, with the first increase of 3.44% taking effect on 2023-11-22. Additional rents include Management Fee (Pass-through), Real Estate Taxes (Fixed annual contribution), Management Fee (Pass-through), Common Area Utilities (Pro-rata share (11%)).

Regarding property maintenance, the Lessor is responsible for: Landscaping and snow removal; Common area maintenance (CAM); Parking lot maintenance. The Lessee's duties include: Pest control within the unit; Interior non-structural maintenance. Use of the premises is specifically limited. Key restrictions include: Premises to be used solely for general office purposes. Business operations restricted to 8:00 AM to 10:00 PM.

From a legal perspective, the terms regarding subleasing or assignment are as follows: Strictly prohibited under all circumstances. 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-HIT-2022-691",
  "document_date": "2022-11-14",
  "lease_parties": [
    {
      "party_type": "Lessor",
      "entity_name": "Martin Group",
      "entity_address": "7715 Kimberly Junctions\nNorth Samuelbury, NJ 69923",
      "contact_person": "William Lewis"
    },
    {
      "party_type": "Lessee",
      "entity_name": "Strickland and Sons"
    }
  ],
  "property_details": {
    "property_address": "22161 Ryan Flat Suite 654, Suite 2026, West Josephtown, West Virginia 72458",
    "square_footage": 7798,
    "property_type": "Industrial",
    "unit_identifier": "Suite 2026"
  },
  "lease_term": {
    "start_date": "2022-11-22",
    "term_duration_months": 120,
    "renewal_options": [
      {
        "option_number": 1,
        "renewal_period_months": 60,
        "notice_period_days": 270,
        "rent_escalation_method": "Market Rate"
      },
      {
        "option_number": 2,
        "renewal_period_months": 36,
        "notice_period_days": 365,
        "rent_escalation_method": "Fixed Percentage"
      }
    ],
    "end_date": "2032-11-21"
  },
  "financial_terms": {
    "base_rent_initial": 7743.21,
    "rent_frequency": "quarterly",
    "escalation_schedule": [
      {
        "escalation_type": "Step-Up",
        "effective_date": "2023-11-22",
        "increase_value": 3.44,
        "increase_unit": "percentage"
      },
      {
        "escalation_type": "Annual Fixed",
        "effective_date": "2024-11-21",
        "increase_value": 5.13,
        "increase_unit": "percentage"
      }
    ],
    "additional_rent_components": [
      {
        "component_name": "Management Fee",
        "payment_structure": "Pass-through",
        "estimated_annual_cost": 6391.54
      },
      {
        "component_name": "Real Estate Taxes",
        "payment_structure": "Fixed annual contribution",
        "estimated_annual_cost": 9084.96
      },
      {
        "component_name": "Management Fee",
        "payment_structure": "Pass-through"
      },
      {
        "component_name": "Common Area Utilities",
        "payment_structure": "Pro-rata share (11%)",
        "estimated_annual_cost": 6174.83
      }
    ]
  },
  "maintenance_obligations": {
    "lessor_responsibilities": [
      "Landscaping and snow removal",
      "Common area maintenance (CAM)",
      "Parking lot maintenance"
    ],
    "lessee_responsibilities": [
      "Pest control within the unit",
      "Interior non-structural maintenance"
    ]
  },
  "use_restrictions": [
    "Premises to be used solely for general office purposes.",
    "Business operations restricted to 8:00 AM to 10:00 PM."
  ],
  "legal_provisions": {
    "force_majeure_clause_present": true,
    "sublease_assignment_terms": "Strictly prohibited under all circumstances."
  }
}