OC Charge definition
OC Charge. Provided Tenant’s Commencement Date occurs on or before December 31, 2024, Tenant’s Base Year OC Charge shall be: Thirty-Seven and 75/100 Dollars ($37.75) per square foot of Store Floor Area per annum (computed on an annualized basis for any partial calendar year), subject to adjustment as set forth herein. In the event Tenant’s Commencement Date is January 1, 2025 or thereafter, Tenant’s Base Year OC Charge shall be increased in accordance with the following. For and with respect to each and every calendar year or partial calendar year after the 2024 Base Year, the annual OC Charge shall be increased on the first day of each such calendar year or partial calendar year by an annual amount equal to four percent (4%) of the OC Charge payable by Tenant to Landlord for the immediately preceding calendar year (computed on an annualized basis for any partial calendar year).
Examples of OC Charge in a sentence
In consideration of Landlord’s operation, management, maintenance and repair of the Center as provided herein, Tenant shall pay to Landlord, as additional rent, for and with respect to each and every calendar year during the Lease Term (prorated for any partial calendar year), in equal monthly installments due and payable in advance on the first day of each and every month during the Lease Term commencing with the Commencement Date, the OC Charge as calculated pursuant to Section 1.1 herein.