Master Development Fee Payments Sample Clauses
The Master Development Fee Payments clause establishes the obligation and schedule for paying fees to a developer or service provider for their work on a project. Typically, this clause outlines the amount, timing, and method of payment, and may specify milestones or deliverables that trigger each payment. By clearly defining when and how fees are paid, the clause ensures both parties understand their financial commitments and helps prevent disputes over compensation during the course of the project.
Master Development Fee Payments. The Master Development Fee will be made in installments. After the District issues its first series of bonds, ten percent (10%) of the bond reimbursements received by the Developer shall be paid to the City within ten (10) days of receipt of same. Thereafter, the Developer shall continue to pay to the City ten percent (10%) of the bond reimbursement received by Developer for each successive bond issuance. Each installment of the Master Development Fee will be paid by Developer to the City within ten (10) days of Developer’s receipt of the reimbursement. Once the City has received the entire balance of the Master Development Fee, no further payments from District bond issuances shall be due to the City. Regardless of the timing of the District’s bond issuances or timing of payment by the Developer of the Master Development Fee installments, no interest shall be do or owing on the Master Development Fee amount of $2,097,600.