Construction and Development Fees. A construction oversight and development management fee of 5.0% of the total development costs, excluding property; however, the Company does not intend to charge such development management fee unless it is net of the fee being charged by the developer of the project. The Manager may, in its sole discretion, waive the development management fee, in whole or in part. The Manager will forfeit any portion of the development management fee that is waived.
Appears in 24 contracts
Samples: Operating Agreement (Fundrise Development eREIT, LLC), Operating Agreement (Fundrise Growth Ereit Vii, LLC), Operating Agreement (Fundrise Growth eREIT III, LLC)
Construction and Development Fees. A construction oversight and development management fee of 5.0% of the total development costs, excluding property; however, the Company COMPANY does not intend to charge such development management fee unless it is net of the fee being charged by the developer of the project. The Manager MANAGING MEMBER or BOARD OF DIRECTORS may, in his/its sole discretion, waive the development management fee, in whole or in part. The Manager MANAGING MEMBER or BOARD OF DIRECTORS will forfeit any portion of the development management fee that is waived.
Appears in 8 contracts
Samples: Operating Agreement (Strategic Hotel Ventures, LLC), Operating Agreement (Century West Multifamily Income Reit, LLC), Operating Agreement (Anabasis Real Estate Investment Trust, LLC)
