Construction Expenditures with Fort Worth Companies (Up to 25% of Base Abatement Sample Clauses

Construction Expenditures with Fort Worth Companies (Up to 25% of Base Abatement. Owner shall receive a twenty-five percent (25%) Base Abatement if the lesser of (i) twenty percent (20%) of all Construction Costs for the Required Improvements and any other improvements constructed on the Land, or (ii) $2,500,000 in Construction Costs for the Required Improvements and any other improvements constructed on the Land were spent by the Completion Date with contractors that are Fort Worth Companies, as defined in Exhibit “A” (the “Fort Worth Construction Commitment”). If the Fort Worth Construction Commitment is not met, Owner will earn a lesser percentage toward the Base Abatement that is based on the degree to which the Fort Worth Construction Commitment was met, which lesser percentage shall equal the product of 25% multiplied by a fraction, the numerator of which shall equal the number of dollars in Construction Costs actually expended by or on behalf of Owner for the Required Improvements and any other improvements constructed on the Land with contractors that are Fort Worth Companies and the denominator of which shall equal the Fort Worth Construction Commitment. For example, if the Fort Worth Construction Commitment was $2,500,000 and only $1,125,000 in Construction Costs for the Required Improvements and any other improvements constructed on the Land were spent with contractors that are Fort Worth Companies, then the percentage toward the Base Abatement that Owner would earn pursuant to this Section 2.1.1.2 would equal 25% x ½, or 12.5%.
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Related to Construction Expenditures with Fort Worth Companies (Up to 25% of Base Abatement

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