Common use of Education Improvement Fund Clause in Contracts

Education Improvement Fund. Developer shall contribute (or cause the contribution of) Ten Million Dollars ($10,000,000) in all cash (the “Education Improvement Fund Contribution”) to the “Lennar Bayview Education Improvement Fund” to be used to support education enhancements within BVHP, which may include new facilities or upgrades to existing education resources and health and wellness education in schools. The use of these funds will be determined through a community-based process that includes representatives of the San Francisco Unified School District, BVHP, OEWD, the Agency and Developer. The Education Improvement Fund Contribution shall be made to the entity specified by the Agency within sixty (60) days after receipt of written notice from the Agency to Developer that such Education Improvement Fund Contribution (or a portion thereof as set forth in such notice) is required to implement the priorities established by the community-based process; provided, however, that the obligation to contribute (or cause the contribution of) the Education Improvement Fund Contribution shall accrue as follows: (i) Five Hundred Thousand Dollars ($500,000) on the date that is ninety (90) days after the first Major Phase Approval and (ii) Nine Hundred Fifty Thousand Dollars ($950,000) upon the date that Developer obtains each thousandth (e.g. the 1,000th, 2,000th, 3,000th, etc.) Unit Credit. Developer and the Agency may agree to accelerate the payment of the Education Improvement Fund for the construction of new educational facilities in BVHP.