Common use of Early Completion Bonus Clause in Contracts

Early Completion Bonus. 5.4.1 If Substantial Completion is attained within 470 days after the Date of Commencement, Owner shall pay Design-Builder at the time of Final Payment under Section 7.3 hereof an early completion bonus of $10,000.00 per day, for each day that Substantial Completion occurred in advance of said 470 days. 5.4.2 In all events, payment of said bonus, if applicable, at the time of Final Payment is subject to release of funds by senior lender. If senior lender does not allow release of funds at the time of Final Payment to pay said early completion bonus in full, any unpaid balance shall be converted to an unsecured Promissory Note payable by Owner to Design-Builder, accruing interest at ten percent (10%), as such rate may change from time to time. On each anniversary of the Note, any unpaid accrued interest shall be converted to principal and shall accrue interest as principal thereafter. Owner shall pay said Promissory Note as soon as allowed by senior lender; in any event, the Note, plus accrued interest, shall be paid in full before Owner pays or makes any distributions to or for the benefit of its owners (shareholders, members, partners, etc.). All payments shall be applied first to accrued interest and then to principal.

Early Completion Bonus. 5.4.1 If Substantial Completion is attained within 470 days [*] after the Date of Commencement, Owner shall pay Design-Builder at the time of Final Payment under Section 7.3 hereof an early completion bonus of $10,000.00 per day, [*] for each day that Substantial Completion occurred in advance of said 470 [*] days. 5.4.2 In all events, payment of said bonus, if applicable, at the time of Final Payment is subject to release of funds by senior lender. If senior lender does not allow release of funds at the time of Final Payment to pay said early completion bonus in full, any unpaid balance shall be converted to an unsecured Promissory Note payable by Owner to Design-Builder, accruing interest at ten percent (10%), as such rate may change from time to time. On each anniversary of the Note, any unpaid accrued interest shall be converted to principal and shall accrue interest as principal thereafter. Owner shall pay said Promissory Note as soon as allowed by senior lender; in any event, the Note, plus accrued interest, shall be paid in full before Owner pays or makes any distributions to or for the benefit of its owners (shareholders, members, partners, etc.). All payments shall be applied first to accrued interest and then to principal.

Early Completion Bonus. 5.4.1 If Substantial Completion is attained within 470 425 days after the Date of Commencement, Owner shall pay Design-Builder at the time of Final Payment under Section 7.3 hereof an early completion bonus of $10,000.00 8,000.00 per day, for each day that Substantial Completion occurred in advance of said 470 425 days. 5.4.2 In all events, payment of said bonus, if applicable, at the time of Final Payment is subject to release of funds by senior lender. If senior lender does not allow release of funds at the time of Final Payment to pay said early completion bonus in full, any unpaid balance shall be converted to an unsecured Promissory Note payable by Owner to Design-Builder, accruing interest at ten percent (10%), as such rate may change from time to time. On each anniversary of the Note, any unpaid accrued interest shall be converted to principal and shall accrue interest as principal thereafter. Owner shall pay said Promissory Note as soon as allowed by senior lender; in any event, the Note, plus accrued interest, shall be paid in full before Owner pays or makes any distributions to or for the benefit of its owners (shareholders, members, partners, etc.). All payments shall be applied first to accrued interest and then to principal.

Early Completion Bonus. 5.4.1 If Substantial Completion is attained within 470 days [*] after the Date of Commencement, Owner shall pay Design-Builder at the time of Final Payment under Section 7.3 hereof an early completion bonus of $10,000.00 [*] per day, for each day that Substantial Completion occurred in advance of said 470 [*] days. 5.4.2 In all events, payment of said bonus, if applicable, at the time of Final Payment is subject to release of funds by senior lender. If senior lender does not allow release of funds at the time of Final Payment to pay said early completion bonus in full, any unpaid balance shall be converted to an unsecured Promissory Note payable by Owner to Design-Builder, accruing interest at ten percent (10%), as such rate may change from time to time. On each anniversary of the Note, any unpaid accrued interest shall be converted to principal and shall accrue interest as principal thereafter. Owner shall pay said Promissory Note as soon as allowed by senior lender; in any event, the Note, plus accrued interest, shall be paid in full before Owner pays or makes any distributions to or for the benefit of its owners (shareholders, members, partners, etc.). All payments shall be applied first to accrued interest and then to principal.