Community First Housing Fund Deposit Schedule Sample Clauses

Community First Housing Fund Deposit Schedule. Developer and/or Developer Successors shall deposit the Community First Housing Fund Contribution in the Community First Housing Fund in installments of the following amounts (such amounts to be proportionately adjusted if the Project Entitlements permit the construction of more or less than 10,000 housing units within the Project) within sixty (60) days of the following dates: 2.2.2.1 five million four hundred sixty thousand dollars ($5,460,000) on September 15, 2009 (anticipated Final Approval of the DDA); 2.2.2.2 three million one hundred twenty thousand dollars ($3,120,000) on January 15, 2011; 2.2.2.3 three million one hundred twenty thousand dollars ($3,120,000) on January 15, 2012; 2.2.2.4 three million one hundred twenty thousand dollars ($3,120,000) on January 15, 2013; 2.2.2.5 three million one hundred twenty thousand dollars ($3,120,000) on January 15, 2014; 2.2.2.6 three million one hundred twenty thousand dollars ($3,120,000) on January 15, 2015; 2.2.2.7 three million one hundred twenty thousand dollars ($3,120,000) on January 15, 2016; and 2.2.2.8 three million one hundred twenty thousand dollars ($3,120,000) on January 15, 2017. However: (i) the date for deposit of each installment of the Community First Housing Fund Contribution shall be automatically extended by a period equal to the number of days between the anticipated date of Final Approval for the DDA (which is September 15, 2009) and the actual date of Final Approval of the DDA; and (ii) if the Developer is further delayed in the prosecution of the Project or any major portion thereof due to the actual date for the occurrence of any Critical Project Event being more than six (6) months later than the anticipated date for such Critical Project Event as set forth in the Term Sheet, then the date for deposit of each installment shall be extended for the period by which the Critical Project Event was delayed; provided, that such extension in this clause (ii) shall only be effective to the extent that the delay in the Critical Project Event is not the fault of Developer. Whether the need for the extension is or is not the fault of Developer shall be determined, reasonably, by the Parties (and if they cannot so agree it shall be subject to the provisions of Section 10.4.4).
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Related to Community First Housing Fund Deposit Schedule

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