Service Charge Cap definition
Service Charge Cap means for the Service Charge Year current at the date of this deed (the "First Service Charge Year") the sum of £[ ] (the "Initial Service Charge Cap"); and during each Service Charge Year thereafter [the Initial Service Charge Cap plus a sum that bears the same proportion to the Initial Service Charge Cap as the Increase bears to the Base Figure; and in each year shall be inclusive of VAT.
Service Charge Cap the sum of £650.00 (Six Hundred and Fifty Pounds) per annum per unit Index Linked. For the avoidance of the doubt the Service Charge Cap shall not include Sinking Fund Charges for Shared Ownership. “Service Installations” (without prejudice to the generality of this expression) shall include sewers drains culverts channels outlets mains wires cables ducts flues soakaways and other conducting media for the supply of Services “Services” (without prejudice to the generality of this expression) shall include electricity telephone gas water foul drainage surface water drainage cable television and other cable services “Shared Ownership Units” those Affordable Housing Units in respect of which the occupier purchases an agreed percentage of the equity sale and pays a rent of up to one and a half per cent (1.5%) of the Retained Equity value and is permitted to Staircase and “Shared Ownership” shall mean any one of such units “Sinking Fund Charges” any charges required to cover the costs of replacing items or areas of a building at their expected ‘end of life’ as part of programmed repairs for that building “Social Rented Units” social rented units owned and managed by local authorities or an RP for which guideline target rents are determined through the National Rent Regime and shall bear the same meaning as described in the definition Of “Affordable housing for rent” in the NPPF and “Social Rented Unit” shall mean any one of such units “Staircase” the method by which the occupier of a Shared Ownership Unit pays a premium in order to acquire an equity (or a further equity) in such unit and "Staircasing" shall be construed accordingly “Staircasing Receipts” payments made to the RP (less reasonable costs) by a shared ownership lessee tenant or any other person for the acquisition of equity in a Shared Ownership Unit pursuant to a Staircase event “West of England Local Authorities” the Council, Bath and North East Somerset Council, North Somerset Council and South Gloucestershire Council
Service Charge Cap means for the Service Charge Year which is current at the date of this deed, eighteen thousand three hundred and sixty pounds (£18,360), and for each remaining Service Charge Year during the Term, the amount calculated in accordance with clause 10.5;
Examples of Service Charge Cap in a sentence
The Service Charge in respect of any Service Charge Year shall not exceed the Service Charge Cap for the relevant Service Charge Year.
If the Landlord has agreed to cap the amount of service charge payable by the Tenant, please refer to the Model Commercial Lease: Index Linked Service Charge Cap clause (MCL-LEASECLAUSE-05).
As soon as reasonably practicable and in any event within 3 months after the end of each Service Charge Year, the Landlord will prepare and send to the Tenant a certificate showing the actual Landlord’s Expenses and the actual Service Charge for the relevant Service Charge Year provided that if the Service Charge exceeds the Service Charge Cap for that Service Charge Year the certificate shall also specify the amount actually payable by the Tenant.
The Landlord shall give written notice to the Tenant of the Building Service Charge Cap payable with effect from the relevant Service Charge Review Date.
The Tenant will pay the estimated Service Charge for each Service Charge Year in four equal instalments on each of the Quarter Days provided that the Tenant shall not be obliged to pay more than the Service Charge Cap for each Service Charge Year.
More Definitions of Service Charge Cap
Service Charge Cap means the service charge percentage calculated as follows:
(i) in respect of the Financial Year expiring on 24 December 1991 the lower of.
(a) the sum of L12,820.50 per annum; or
(b) the relevant proportion of the Expenditure attributable to the Tenant
(ii) as from the first day of each subsequent: Financial Year until the Financial Year ending 24 December 1999 (each such date being hereinafter called a "Variation Date") there shall be substituted for the sum referred to in (i) above a sum which bears the same proportion to the sum L12,820.50 as the Retail Prim Index published in the month immediately preceding such Variation Date bears to (being the Retail Prices Index published in the month immediately 154.4 preceding the commencement of the Term hereby granted)
Service Charge Cap means whichever shall be the higher of:
Service Charge Cap the sum of £650.00 (Six Hundred and Fifty Pounds) per annum per unit Index Linked AND FOR THE AVOIDANCE OF DOUBT the Service Charge Cap shall not include those components of the Service Charge relating to ‘lifestyle’ which would not be met by Universal Credit and which can be paid for separately by the individual tenant. “Service Installations” (without prejudice to the generality of this expression) shall include sewers drains culverts channels outlets mains wires cables ducts flues soakaways and other conducting media for the supply of Services “Services” (without prejudice to the generality of this expression) shall include electricity telephone gas water foul drainage surface water drainage cable television and other cable services “Universal Credit” the means-tested credit system introduced by the Welfare Reform Act 2012, as amended
Service Charge Cap. £[FIGURE] for each Accounting Period of the Term; OR £[FIGURE] for the first Accounting Period and for each subsequent Accounting Period for which the calculation is being made the sum found by 3 Check the landlord’s insurance policy for the duration of cover for loss of rent applying the following formula: £[FIGURE] x (A/B) where: A is the Index at the beginning of the Accounting Period for which the calculation is being made; and B is the Index at the beginning of the first Accounting Period;]
Service Charge Cap means the following amounts (exclusive of VAT): (a) in relation to the first Service Period, or proportionately for the relevant part of the first Accounting Period, the Base Service Charge Cap; (b) in relation to the second and all subsequent Accounting Periods the higher of: i. the Service Charge Cap for the preceding Accounting Period; and ii. an amount calculated in accordance with the following formula: SRC x Index Figure; Base Figure where SRC is the amount of the Service Charge Cap for the preceding Service Period; and Service Charge Certificate means a certificate showing the Service Cost and Service Charge for each Accounting Period served pursuant to paragraph 8 of this Schedule Service Charge Code The RICS Service Charges in Commercial Property ‑ a Code of Practice – 3rd Edition - which is effective from 4 February 2014 but not as updated or replaced from time to time thereafter Service Cost means the total sum calculated in accordance with paragraph 2 of this Schedule. Utility Costs means together the cost of the supply of electricity and gas: (a) for the provision of the Services; and (b) to the whole or any part of the Common Facilities.
Service Charge Cap the sum of £650.00 (Six Hundred and Fifty Pounds) per annum per unit Index Linked unless as agreed in writing between the affordable housing provider and the Council. For the avoidance of the doubt the Service Charge Cap shall not include Sinking Fund Charges for Shared Ownership or First Homes.
Service Charge Cap means a maximum £4.50 per sq ft which shall not include any estate service charges relating to the wider Elephant Park development and which may be reviewed annually and increased annually by up to CPI +1%. Insurance Lessee to insure their own f ixtures and f ittings and to provide third party liability insurance. The landlord to insure building structure and to charge an insurance rent on a proportionate basis. Utilities The premises will be served by electricity, telecoms, water, drainage and heating. The Lessee will be responsible for paying all outgoings including rates and utilities relating to the relevant Affordable Workspace Unit. Compliance The Lessee to be responsible for compliance with legislation and regulations and where appropriate both parties to co-operate. Rights granted The Lessee to be granted rights of access (in common with others) including emergency escape rights to include:- • rights of access and use of the loading facilities; • rights of access and use to refuse facilities; • rights of access to common facilities; and • rights of access to cycling end of journey facilities and parking. Reinstatement The Lessee will be required to offer up the Affordable Workspace Unit in accordance with a reinstatement specification Legal costs Each party to bear its own. Alienation Alienation provisions to be agreed between the parties. Alterations No structural or external alterations are permitted. The Lessee may make internal non-structural alterations with the consent of the Landlord (consent not to be unreasonably withheld or delayed).