Lease Clause Payment Terms

explain in simple terms the following lease clause: "To pay to the Council in respect of each financial year of the term or part thereof such a sum (hereinafter called "the management charge") as shall be notified in writing to the Lessee by the Council's Borough Treasurer/Director of Housing Services prior to the commencement of the financial year as representing the Proper proportion of the Estimated cost which is incurred or intended to be incurred by the Council in carrying out the common repairs and services such management charge to be paid by the Lessee in four equal quarterly instalments in advance on the 1st day of April 1st day of July lst day of October and lst day of January (hereinafter called "the management charge dates") of each financial year or part of the year during the said term (or at such more frequent intervals as the Council shall from time to time specify in writing having given three months notice of such change) the first of such payments being in respect of a proportionate part of the period from the date hereof to the next management charge date and to be made on the date of execution hereof AND it is hereby declared that the management charge may (without prejudice to the generality of the foregoing) include such amounts as the Council's Borough Treasurer/Director of Housing Services shall (at his absolute discretion) from time to time consider necessary to put to reserve (hereinafter called "the reserve fund") in order to meet the future cost of any major works of repair replacement or maintenance under the Fourth Schedule hereto which may arise or be reasonably anticipated to arise in any subsequent financial year of the term PROVIDED that (without prejudice to the proviso for re-entry hereinafter contained) if any of the management charge or any part thereof shall not be paid within 14 days of any of the management charge dates (whether the same shall have been legally demanded or not) the management charge or part or parts thereof unpaid as aforesaid shall bear interest at the rate of £* per centum per annum or * per centum per annum above the base rate for the time being of the Council's bankers whichever shall be the higher such interest to become payable from the date the same shall have become due until the date of actual payment and for the avoidance of doubt shall accrue after as well as before any judgment and should such interest be in arrear at any subsequent management charge date it shall be treated as an accretion to the management charge and shall then itself bear interest at the stipulated rate accordingly and all such interest whether capitalised or not shall be recoverable by distress or other process of law"

types of tenancy the clause is expected to address.

explain the following extract from lease.

the clause was provided earlier in the chat